Abstract
Oil and non-oil export played essential role in economic activity in Saudi Arabia with amount average of 841816.0 and 162654.6 Saudi riyal respectively in the period 2005- 2019. This study investigates from an empirical point of view the impact of oil and non-oil export on economic performance in Saudi Arabia during the period 2005 to 2019. Data were collected from General Authority for Statistics (GAS) in Kingdom of Saudi Arabia. Ordinary least square method has been applied to estimate linear and non-linear form of the study models. The obtained results showed that oil export and non-oil export have positive impact on economic performance in Saudi Arabia during period of the study. Keywords : oil export, non-oil export, economic performance. JEL Classifications : B22, E23, F13, F43, O11. DOI: https://doi.org/10.32479/ijeep.10311
Highlights
Development is not purely an economic phenomenon
The value of R2 suggests that 77% of the variation in economic performance explain by oil export and non-oil export
The values of t-statistics show that two explanatory variables have impact but these variables are insignificant as reported in Figures 2 and 3 below: the study uses non-linear form for above equation
Summary
Development is not purely an economic phenomenon. In an ultimate sense, it must encompass more than the material and financial side of people’s lives, to expand human freedom. In addition to improvements in incomes and output, it typically involves radical changes in institutional, social, and administrative structures as well as in popular attitudes and even customs and beliefs (Todaro and Smith 2011) They argued that an important shortcoming of new growth theory is that it remains dependent on number of traditional neoclassical assumption that are often inappropriate for developing economies. Exports represent the value of what is sold of goods and services between a country and the rest of the world to achieve an increase in national income These exports play an important role in the process of development and economic growth for both developing and developed countries. The conclusion and policy implication put in the end of the paper
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