In a significant economic development, Saudi Arabia has successfully surpassed the $1 trillion mark in Gross Domestic Product (GDP) ahead of its 2025 target, marking a historic achievement. This noteworthy milestone was reported by the Federation of Saudi Chambers on the occasion of the Kingdom’s 93rd National Day.
According to an official report from the Saudi Press Agency (SPA), Saudi Arabia’s economy achieved a remarkable growth rate of 8.7%, outperforming all other G20 member nations. This impressive growth was primarily attributed to increased production capabilities, with a noteworthy 81.2% self-sufficiency rate and a substantial 27.3% investment rate, indicating the proportion of output allocated to investments.
These factors not only boosted confidence in the national economy but also solidified the Saudi riyal as a stable store of value. This stability was evident in the rise of local currency deposits, increasing from 66.5% in 2021 to 67.7% in 2022.
Saudi Arabia’s private sector experienced a significant workforce growth
The private sector emerged as a key player in this economic milestone, making a substantial contribution of SR1.634 trillion to the GDP, representing 41% of the total GDP. It also experienced an impressive growth rate of 5.3%. Non-governmental investments demonstrated remarkable growth, reaching SR907.5 billion, marking a substantial growth rate of 32.6%. These investments contributed significantly, accounting for 87.3% of the overall fixed investments.
Furthermore, the private sector experienced significant workforce growth, increasing from 8.084 million in 2021 to 9.422 million in 2022. This expansion reflects an impressive growth rate of 16.6%, as detailed in the report.
This accomplishment highlights Saudi Arabia’s economic strength and its dedication to nurturing growth and diversification, establishing the Kingdom as a prominent global economic player. The attainment of the $1 trillion GDP milestone ahead of the planned schedule stands as a testament to the nation’s economic resilience and its vision for a prosperous future.
Source : ConstructionWeek