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Saudi economy at the trillion dollar milestone

Saudi economy at the trillion dollar milestone

Saudi Arabia’s economy has reached the trillion dollar milestone for the first time. Before the 2025 target, the country’s gross domestic product or GDP has crossed 4.155 trillion Saudi riyals or 1 trillion dollars.

This information was informed in a report of Gulf News on Saturday (September 23). It is said that this information was given by the Federation of Saudi Chambers (FSC) on the country’s 93rd National Day.

According to FSC, the Saudi Press Agency reported that Saudi Arabia’s economy grew by 8.7 percent in 2022, which is the highest among G20 countries.

This growth has been seen in the country’s economy mainly due to increase in production capacity. Which is 81.2 percent of the total growth. In addition, 27.3 percent capacity has increased for the investment rate. Also, compared to 2021, the deposit rate in Saudi Riyal increased from 66.5 percent to 67.7 percent in 2022.

The private sector’s contribution to the country’s GDP reached 1.634 trillion Saudi Riyals. Which is 41 percent of the total GDP and in this case the growth rate is 5.3 percent.

Meanwhile, private investment in the economy has increased to 908.5 billion Saudi Riyals. Investment growth of this sector is 32.6 percent.

In addition, Saudi Arabia’s private sector workforce has increased. In 2021, 8.84 million workers were working in this sector. Which increased to 9.422 million in 2022. The growth rate of this sector is 16.6 percent.

Saudi Arabia’s success in diversifying the country’s economy and increasing exports to global markets is increasingly evident. As the export capacity of the Saudi economy rose to 39.3 percent of GDP, the country’s exports of goods and services increased significantly by 54.4 percent.

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