Riyadh, September 22, 2023, Saudi Arabia's remarkable economic achievements have significantly improved key indicators, gaining recognition from global institutions such as the International Monetary Fund, which hailed the Kingdom as the fastest-growing economy among G20 members in 2022.
On the occasion of the Kingdom's 93rd National Day, the Federation of Saudi Chambers reported that Saudi Arabia's gross domestic product (GDP) reached SAR 4.155 trillion, surpassing the USD 1 trillion mark for the first time ahead of the 2025 target. The economy achieved an impressive 8.7% growth rate, the highest among G20 nations, driven by enhanced production capabilities. Notably, self-sufficiency in the Saudi economy rose to 81.2%, and the investment rate increased to 27.3%, bolstering confidence in the national economy and the Saudi riyal.
Internationally, Saudi Arabia secured the 17th position among the world's 64 most competitive nations. The Kingdom ranked second globally in terms of international tourist growth and 51st in the Global Innovation Index. Integration into the global economy surged by 63.1%.
The report emphasized the pivotal role of the Saudi private sector, with its contributions to GDP reaching SAR 1.634 trillion, accounting for 41% of GDP and growing by 5.3%. Non-governmental investments increased to SAR 907.5 billion, constituting 87.3% of total fixed investments. The private sector workforce expanded from 8.084 million in 2021 to 9.422 million in 2022, with a 16.6% growth rate. The localization efforts led to a rise in the percentage of Saudi workers in the private sector to 58.2%.
Saudi policies fostering economic diversification and supporting exports yielded impressive results. Exports of goods and services surged by 54.4%, and the export capacity grew from 33% to 39.3% of GDP. Non-oil exports reached SAR 315.7 billion, comprising 20.5% of commodity exports and reaching 178 countries worldwide.
The report anticipates continued strong performance in the Saudi economy and private sector, citing positive economic indicators, government support initiatives, and major projects across the Kingdom.
