Saudi Arabia Joins the Trillion-Dollar Economy Club

2023/9/24

Significant Milestone

  • Saudi Arabia's GDP has surpassed $1 trillion for the first time, making it the largest economy in the Middle East and North Africa MENA.
  • Achieved the goal three years ahead of the targeted date of 2025.

Key Figures and Insights

  • The report was published by the Federation of Saudi Chambers on the Kingdom's 93rd National Day.
  • The IMF indicated that Saudi Arabia's economy is the fastest-growing among G20 nations in 2022.
  • Growth rate reached 8.7%, the highest among G20 countries.

Production and Investment

  • Self-sufficiency rate of the Saudi economy increased to 81.2%, indicating the country produces most of its goods and services.
  • Investment rate in the country rose to 27.3%, signaling more capital infusion from both the government and the private sector.

Private Sector Contributions

  • Contributions from the private sector to the GDP increased to $440 billion, or 41% of the total GDP.
  • Growth rate in the private sector stood at 5.3%.

Employment Growth

  • The number of workers in the private sector increased from 8.084 million to 9.422 million, a growth rate of 16.6%.

Localization of Workforce

  • The number of Saudis in the private sector increased from 1.910 million to 2.195 million, a growth rate of 28.5%.
  • The percentage of Saudi workers in the private sector rose to 58.2%.

Global Expansion and Diversification

  • The Kingdom succeeded in diversifying its economic base and boosting Saudi exports.
  • Export capacity of the Saudi economy increased from 33% to 39.3% of the GDP.

Future Outlook

  • Strong performance of the Saudi economy is expected to continue, supported by various economic indicators and government backing.
  • The Kingdom plans to implement large-scale projects across multiple regions.

Global Rankings

  • Ranked second globally in terms of the growth rate of international tourists.
  • Ranked 51st in the Global Innovation Index.
  • The rate of integration of the Saudi economy into the global economy increased by 63.1%.

Conclusion

  • Saudi Arabia's entry into the trillion-dollar economy club is not just an achievement; it reflects the sound economic policies of the Kingdom and its promising future prospects.
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