Riyadh-Mubasher: Saudi Arabia's economy is expected to grow by 2.3% this year, compared with the average growth of 5.5% recorded over the past five years, according to a recent report by Riyadh Chamber.
This is attributed to the fall in global oil markets and slowdown in global economy.
The kingdom's non-oil sector would play a major role in accelerating the economic growth and offsetting the expected decline in oil prices, according to the report.
The non-oil sector will benefit from the economic transition programme adopted by the government which aims to rationalise public spending, while continuing to complete the planned development projects.
The government investments will likely fall by 1.2% at the end of 2015, compared with a year earlier.
