A recent report illustrates that the Saudi economy has overcome numerous global challenges in the past three years, ranging from the COVID-19 pandemic to the Russo-Ukrainian crisis and its ensuing global inflation wave. These triumphs have placed Saudi Arabia ahead of the economic growth of the G20 countries last year, pushing its nominal value past the trillion-dollar threshold for the first time in history.
This report is in line with the final data released by the General Authority for Statistics, revealing a 3.8 percent increase in Saudi Arabia’s real Gross Domestic Product (GDP) in the first quarter of this year, compared to the same period in 2022.
The report, released today (Sunday) by the Ministry of Economy and Planning, emphasized that Saudi Arabia has executed numerous programs, initiatives, and structural reforms to encourage economic diversification since launching “Vision 2030”. This is aimed at ensuring stability and achieving sustainable development, which will subsequently improve the productivity of the entire economy.
According to the report, despite the continuing importance of the oil sector as a crucial component of the budget financing, the non-oil sector has seen a rise in its share of the GDP. This increase has been backed by governmental facilitations and programs that have laid the groundwork for the growth of the private sector.