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Saudi Arabia’s economy crosses $1 trillion mark for first time 

September 25, 2023 at 11:53 am

An unidentified guest attends a meeting of Finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh on February 23, 2020. [FAYEZ NURELDINE/AFP via Getty Images]

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 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.

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