A recent report revealed that the Saudi economy has greatly surpassed challenging global conditions over the past three years, starting from the coronavirus pandemic and extending to the Russian-Ukrainian crisis and the subsequent global inflation wave.
As a result, the Kingdom has outperformed the economic growth of G20 countries in 2022, surpassing the trillion-dollar nominal value for the first time in history.
Data from the General Authority for Statistics (GASTAT) revealed a 3.8% increase in Saudi Arabia's real gross domestic product (GDP) during the first quarter of 2023, compared to the corresponding period in 2022.
According to the report, released by the Ministry of Economy and Planning on Sunday, Saudi Arabia has implemented numerous programs, initiatives, and structural reforms since the launch of “Vision 2030.”
These efforts aim to ensure stability, achieve sustainable development, and enhance the overall productivity of the economy.
Despite the continued role of the oil sector as a significant contributor to budget financing, the non-oil sector has witnessed an increase in its share of the GDP, noted the report.
This growth has been supported by government facilitations and programs that have provided a conducive environment for the growth of the private sector, it added.
The report predicted that the pace of this structural transformation towards sustainable economic growth will continue in the coming years.
This progress is expected to contribute to the ongoing advancement of the Saudi economy among the world’s largest economies.
The report emphasized that internationally recognized indicators endorse the significant changes happening in the Kingdom.
These changes are a result of the economic reforms driven by “Vision 2030,” which have received praise from various organizations in their thorough reports during 2022.
Additionally, reputable credit rating agencies have raised the Kingdom’s sovereign credit ratings and improved their outlook for the future of the Saudi economy.
As per the report, “Vision 2030” aimed to transform the structure of the Saudi economy into a diversified and sustainable economy.
This transformation focuses on enhancing productivity, increasing the contribution of the private sector to economic wealth creation, and engaging it in achieving the goals of the vision.
It is worth noting that the Economy and Planning Ministry publishes the report as part of providing regular, accurate, and detailed updates on the performance of both the global economy and the Kingdom’s economy.
The data for the report is gathered from various government sources, including GASTAT, the Saudi Central Bank, the Ministry of Finance, as well as international institutions.
