1999 News Story

Planning minister reports on non-oil sector growth

Minister of Planning Khaled Bin Muhammad Al-Gosaibi reported today the non-oil sector now

accounts for 64 percent of the Kingdom's Gross Domestic Product (GDP), and that the private

sector's share stands at 46 percent of the GDP.  The non-oil sector has been growing

steadily throughout the current Sixth Five-Year Development Plan (1995-1999), which has

been channeling 72.3 percent of government spending to manpower development and social

services. The Seventh Plan (2000-2004), which was announced last month, will continue to

focus on ways of diversifying the oil-dependent economy, giving the private sector a

greater role, employing Saudi nationals, and privatizing companies.