17.1 C
New Delhi
Sunday, December 3, 2023

Saudi Economy Achieves Trillion-Dollar Milestone: FSC

Saudi Arabia has achieved a significant economic milestone by surpassing the coveted trillion-dollar mark in its Gross Domestic Product (GDP), as reported by the Federation of Saudi Chambers (FSC), the umbrella body of the Kingdom’s business community.

According to the state-run news agency, the FSC’s study reveals that Saudi Arabia reached a GDP of SR4.15 trillion ($1.11 trillion), aligning with the nation’s 2025 economic goals.

The Saudi Press Agency, citing the FSC, highlighted that Saudi Arabia achieved an impressive economic growth rate of 8.7 percent in 2022, the highest among G20 member states.

ALSO READ| World Bank Issues Warning as Nearly 100 Million People in Pakistan Face Poverty

Furthermore, the FSC report emphasized the growing contribution of the private sector to the economy, which increased to SR1.63 trillion, accounting for 41 percent of the GDP in 2022, demonstrating a robust growth rate of 5.3 percent.

Strengthening the non-oil private sector remains a pivotal agenda of Saudi Arabia’s Vision 2030, a strategic plan aimed at reducing the nation’s reliance on oil.

The report also showcased substantial growth in non-governmental investments, which surged to SR907.5 billion, with an impressive growth rate of 32.6 percent in 2022. Additionally, the number of private sector workers in Saudi Arabia rose from 8.08 million in 2021 to 9.42 million in 2022. Moreover, the number of Saudi nationals employed in the private sector increased from 1.91 million in 2021 to 2.19 million in 2022.

Highlighting the success of Saudi Arabia’s economic diversification efforts, the Saudi Chamber of Commerce noted that non-oil exports reached SR315.7 billion in 2022, constituting 20.5 percent of total commodity exports.

Earlier this month, the International Monetary Fund (IMF) affirmed the sound fiscal prospects of Saudi Arabia in the near term, with balanced risks, attributing this stability to Vision 2030, which has been effectively diversifying the Kingdom’s economy since its launch in 2016. The IMF also commended Saudi Arabia’s precautionary reserves and the stability of its exchange rate pegged to the US dollar, which has served the Kingdom’s economy well. Despite rising inflation elsewhere, Saudi Arabia has maintained a steady average consumer price index.

For more updates stay tuned to FELA News!

Source: ARAB News

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles