SAUDI ECONOMY CROSSES $1 TRILLION MARK FOR FIRST TIME

A Saudi man carries his coffee pot as he walks past a banner showing Saudi Crown Prince Mohammed bin Salman outside a mall in Jiddah, Saudi Arabia, in February 2020. (Amr Nabil/AP)

Mon 25 September 2023:

Saudi Arabia’s Gross Domestic Product (GDP) has surpassed $1 trillion (SR 4.155 trillion) for the first time, according to the Saudi Press Agency (SPA) citing a report by the Federation of Saudi Chambers.

The report was issued on Friday, coinciding with the kingdom’s 93rd National Day and mentioned that by joining the trillion-dollar club, the country had met its national goal ahead of the target date of 2025.

The #Saudi economy has reached over $1 trillion in GDP for the first time, and the non oil sector and revenues are increased rapidly with the great economic reforms, we are in the right path to diversify the economy and income sources 👍🇸🇦#Foxnews pic.twitter.com/nZ3KoHrtCh

— Fahad (@Faahad54) September 20, 2023

The Saudi economy experienced a growth rate of 8.7 per cent, the highest among G20 member states, the report said, noting that the private sector’s contribution to the economy increased to 41 per cent of GDP in 2022, with a growth rate of 5.3 per cent.

It is expected that the Saudi private sector will continue to expand in accordance with the goals set out by Vision 2030, in particular the non-oil private sector.

According to the Global Competitiveness Report of the International Centre for Management Development (IMD), Saudi Arabia ranks second in the world in terms of the growth rate of international tourists and, earlier this month, the International Monetary Fund (IMF) reported that Saudi Arabia’s fiscal prospects are solid, attributing this to the country’s ambitious strategic framework.

“The continuation of Vision 2030 reforms has helped advance the country’s economic diversification agenda, including through reduced reliance on oil,” it said.