RIYADH: Saudi economy will grow next year by a staggering 7.4 percent on the back of improved oil prices the minister of finance told reporters in Riyadh.

The Kingdom might see its GDP reaching SR3.62 trillion riyals, which is almost $1 trillion, up from SR3.2 trillion it is expected to record this year, Mohammed Al-Jadaan said.

Saudi economy will continue its reforms focusing on diversifying its income away from oil, while empowering private sector and continue making structural changes through various Vision 2030 programs, he added.

The Kingdom is still targeting lower unemployment rates every year, as it has a target of 7 percent by 2030, he said in the press conference.