Saudi Non-Oil Growth Is Stagnating Even With 2030 Vision: Chart

(Bloomberg) -- Saudi Arabia’s economy is contracting, though policy makers may be more concerned about the stagnation in non-oil growth. Second quarter data show it’s stuck below 1 percent -- down from a peak of almost 10 percent when oil was above $100 a barrel -- showing that a key element of the kingdom’s so-called Vision 2030 transformation plan has yet to get going. “We haven’t seen any meaningful pick-up in investments or clear plans to stimulate the economy,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.