Saudi economy has overcome many difficult global challenges during the past three years, from the Covid -19 pandemic to the Russia-Ukrainian crisis, and the accompanying global wave of inflation.
In 2022, the Saudi economy outpaced that of other G20 countries, with its GDP exceeding $1 trillion for the first time in history, says the Ministry of Economy and Planning’s (MEP) State of the Saudi Economy Report 2022.
The report provides a comprehensive overview of the economy across eight categories: real gross domestic product, monetary policy, financial measures, economic diversification, financial markets, households, investment and trade, as well as job markets.
The report also sheds light on the kingdom’s overall approach to economic growth, including financial resilience, diversification, sustainability, private sector empowerment and investment attractiveness, in line with Saudi Vision 2030.
According to the report, the ambitious economic reform program has enhanced the resilience of the economy through diversification and reducing dependence on oil revenues. The national transformation blueprint aims to turn the Saudi economy into a diversified and sustainable one, supported by enhanced productivity and raising private sector contribution to economic wealth, and reaching Saudi Vision 2030 goals.
Since the launch of Saudi Vision 2030, the kingdom has implemented many successful programs and structural reforms. Despite the continued contribution of the oil sector in financing the budget, the kingdom has increased its share of non-oil GDP.
The report predicts that the structural transformation towards sustainable economic growth will continue in coming years, elevating the ranking of the Saudi economy from the current 18th to 15th position among the largest global economies. This is supported by internationally recognised indicators, reflecting the remarkable transformation taking place in the kingdom through the Saudi Vision 2030 economic reforms, which key international organisations such as the International Monetary Fund (IMF) praised in their 2022 reports.
Moreover, top credit rating agencies have raised their sovereign credit rating of the kingdom and improved their economy outlook for Saudi Arabia.
The report is issued as a part of the ministry’s efforts to provide regular, accurate and detailed updates on the performance of the kingdom’s economy in a global context. The data is drawn from various government sources, including the General Authority for Statistics (GASTAT), the Saudi Central Bank (SAMA) and the Ministry of Finance (MoF), in addition to international institutions.
Source : Zawya
