Saudi Economy joins Trillion-Dollar club, for the First time
Saudi Economy : Saudi Arabia’s Gross Domestic Product (GDP) surpasses the trillion-dollar mark for the first time and joining the world’s trillion-dollar economies, as it reached 4.155 trillion riyals, according to a report of Saudi Chamber of Commerce, during 93rd Saudi National Day. Trending Video : Some surprising facts about Saudi Arabia, everyone must know
Saudi economy was ranked in one of the fastest-growing among G20 nations last year. According to studies from the International Monetary Fund and other associated international organizations, Saudi Arabia has experienced increasing success, which has helped to improve important economic indicators.
– This accomplishment surpasses the state’s 2025 goals and is complemented with an exceptional 8.7% growth rate, the highest of the G20 countries. Its strong productive capabilities, which resulted in a self-sufficiency rate of 81.2% and a higher investment rate, reaching 27.3%, are principally responsible for this expansion.
– These changes have increased faith in the Saudi economy, which has increased faith in the Saudi riyal. Since the year 2021, deposits in local currency have increased from 66.5% to 67.7% of total savings. Most Viewed : World’s Tallest Tower is being built in Jeddah, Saudi Arabia
– According to the annual Global Competitiveness Report by the International Institute for Management Development (IMD), Saudi Arabia has climbed to the 17th spot on the list of the world’s most competitive economies out of 64 nations.
– The Kingdom also places 51st in the Global Innovation Index and second globally in terms of the growth rate of tourists from other countries. The Saudi economy is now 63.1% more integrated into the world economy.
– The study highlights the Saudi private sector’s sustained good performance as an efficient partner in overall development and in realizing the ambitious objectives of Vision 2030 with regard to its contribution to these aims. With a growth rate of 5.3%, the private sector’s GDP, which totaled SR1.634 trillion, contributed 41% of the nation’s GDP.
– Due to the oil industry’s strong expansion, which increased at a pace higher than 15%, its contribution has remained consistent. Non-government investments increased by 32.6% to SR907.5 billion, making up about 87.3% of all fixed investments. Recommend : Palestine issue is crucial to normalize ties with Israel – Saudi Crown Prince, Mohammed bin Salman
– The number of employees in the private sector increased from 8.084 million in 2021 to 9.422 million in 2022, a growth rate of 16.6%, and played a significant role in employment as well. According to Saudization initiatives, there were 2.195 million Saudi employees in the private sector in 2022, up from 1.910 million in 2021, a growth rate of 14.9%, and a 58.2% participation rate for the entire Saudi workforce.
– The article emphasizes the effectiveness of Saudi initiatives intended to broaden the country’s economic base and aid Saudi products in reaching international markets. The rise in exports of goods and services, which climbed by 54.4%, raised the Saudi economy’s export capacity from 33% to 39.3% of GDP.
– From 134.5% in 2021 to 171.9% in 2022, exporters’ ability to offset imports of goods and services also increased. Non-oil exports, which went to 178 different countries and increased by 13.7% to 315.7 billion riyals, accounted for 20.5% of all commodities exported. Follow us on Telegram : Join Saudi Expatriates on Telegram
– According to the report, the Saudi economy will continue to function strongly, together with the private sector, in accordance with a number of economic indicators, government assistance programs, and the execution of numerous significant projects throughout the Kingdom’s regions.