عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GCC Statistical Center Praises Saudi Arabia's Achievements on 94th National Day

Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
TT
TT

GCC Statistical Center Praises Saudi Arabia's Achievements on 94th National Day

Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)

The Gulf Cooperation Council Statistical Center praised the remarkable achievements made throughout Saudi Arabia during its 94-year journey, highlighting key statistics in various economic, social, and international competitiveness fields.
In recent years, Saudi Arabia has continued to make significant strides in development, aiming to build a prosperous and sustainable economic foundation by capitalizing on its abundant opportunities and resources. This progress has placed it among the world's most advanced countries, in line with its leadership's aspirations, SPA reported.
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023.
Commercial banks assets grew to $1 trillion in 2023, compared to $965.6 billion in 2022, marking a growth rate of 9.3%. Furthermore, the market value of the Saudi stock exchange reached $3 trillion in 2023.
The education sector has also witnessed significant development, at all levels. The number of school students increased to 6.1 million during the 2022/2023 scholastic year, compared to 5.8 million students in the 2018/2019 academic year, marking a growth rate of 5.3%.
The Saudi Vision 2030 has focused on developing the tourism sector, as part of its economic diversification program, given its potential for diversifying the sources of income and creating jobs. In 2023, 30.1 million people visited Saudi Arabia, compared to 18.3 million in 2022, a growth rate of 65%. Visitor spending in the Kingdom amounted to $40.6 billion in 2023, up from $29.7 billion in 2022, representing a 36.6% increase.
Saudi Arabia is also improving its global competitiveness, as evidenced by its top rankings in several international reports. These include first place in several indicators, such as the Global Cybersecurity Index, the Internet Users Index, the Long-Term Unemployment Growth Index, the Social Cohesion Index, and the Long-Term Labor Market Growth Index, according to the World Competitiveness Yearbook 2024.
In entrepreneurship, Saudi Arabia ranked first globally in several indicators, including ease of starting a business and the availability of good opportunities to start a business, according to the Global Entrepreneurship Monitor 2023/2024 Global Report.

Most Viewed

 
 
Business

IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
TT
TT

IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund (IMF) program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, IMF Pakistan Mission Chief Nathan Porter said on Thursday.

Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.

The IMF's Executive Board on Wednesday approved a new $7 billion loan for cash-strapped Pakistan, more than two months after the two sides said they had reached an agreement.

The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy.

“I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.

The global lender said its immediate disbursement will be about $1 billion.

In a statement issued Thursday, the IMF praised Pakistan for taking key steps to restore economic stability. Growth has rebounded, inflation has fallen to single digits, and a calm foreign exchange market have allowed the rebuilding of reserve buffers.

But it also criticized authorities. The IMF warned that, despite the progress, Pakistan’s vulnerabilities and structural challenges remained formidable.

It said a difficult business environment, weak governance, and an outsized role of the state hindered investment, while the tax base remained too narrow.

“Spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic potential and left Pakistan vulnerable to the impact of climate change,” it warned.

Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media that the country had fulfilled all of the lender’s conditions, with help from China and Saudi Arabia.

“Without their support, this would not have been possible,” he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

The Pakistani government has vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan for decades has been relying on IMF loans to meet its economic needs.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since tempered, and credit ratings agency Moody’s has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to “Caa2” from “Caa3”, citing improving macroeconomic conditions and moderately better government liquidity and external positions.