Saudi Arabia’s economy achieves growth rate of% 8.7 to join trillion-dollar club

The Federation of Saudi Chambers announced today in a new report that Saudi Arabia’s economy achieves growth rate of % 8.7، the highest among the G20 member-states which are the richest countries in the world، and gross domestic product (GDP) has exceeded the ceiling of $1 trillion (SAR 4.155 trillion) for the first time، with the Kingdom joining the trillion-dollar club and achieving the national goal well ahead of the target date of 2025.

The Federation of Saudi Chambers issued the report with the celebration of the Kingdom’s 93rd National Day، and released by the official Saudi Press Agency (SPA)and detailed that the Saudi Arabia had achieved a growth rate of % 8.7 and more than $ trillion to join developed countries such as U.K. Germany، Japan and France.

IMF: Saudi economy was the fastest-growing among G20

The Saudi Chambers report abut Saudi Arabia’s growth rate comes during the same week when the International Monetary Fund (IMF) said the Saudi economy was the fastest-growing among the Group of Twenty (G20) member-states in 2022.

The Saudi Chambers report detailed that the Saudi Arabia’s economy achieved a high growth rate، spurred mainly by its production capabilities، which is reflected in the increase in the self-sufficiency rate of the Saudi economy to % 81.2، and the increase in the country’s investment rate to % 27.3 (the invested percentage of output).

The success of the Saudi Arabia’s policies of diversification of the economy

The Federation of Saudi Chambers report highlighted the success of the Saudi Arabia’s policies regarding diversification of the economic base and support for Saudi exports to global markets as export of goods and services increased by % 54.4، the export capacity of the Saudi Kingdom economy rose from % 33 to % 39.3 of the GDP.

The value of Saudi Arabia’s exports of goods and services rose to % 171.9 of the value of imports of goods and services in 2022، up from % 134.5 the previous year، while the value of non-oil exports reached $84 billion، with a growth rate of % 13.7، accounting for % 20.5 of commodity exports and reaching 178 countries around the world.

Saudi Arabia’s economy and the private sector continue with their strong showing

The Federation of Saudi Chambers issued the report projected Saudi economy and the private sector in the country to continue with their strong showing، citing various economic indicators، government support packages، and huge projects being implemented in various regions across the Kingdom.

The report indicated that the Saudi Arabia’s private sector will continue its strong role and performance، thanks to its status as an effective partner in the comprehensive development process and in achieving the goals of the ambitious Vision 2030.

The private sector is % 41 of Saudi Arabia’s GDP

The private sector’s contributions to GDP increased to $440 billion (SAR 1.634 trillion)، or % 41 of its GDP، with a growth rate of % 5.3t، according to the report issued by the Federation of Saudi Chambers.
The report revealed that the number of workers in the Saudi Arabia’s private sector has increased from 8.084 million in 2021 to 9.422 million in 2022، with a growth rate of % 16.6.

Under the localization endeavor of the labor force، the number of Saudis working in the private sector has increased from 1.910 million in 2021 to 2.195 million in 2022، with a growth rate of %14.9، which was reflected in an increase in the percentage of Saudi workers in the private sector to % 58.2.

Saudi Arabia ranks 2nd in the world growth rate of international tourists

According to the Global Competitiveness Report of the International Center for Management Development (IMD)، the Kingdom Saudi Arabia ranks second in the world in terms of the growth rate of international tourists and is on the 51st spot in the Global Innovation Index and the rate of integration of the Saudi economy into the global economy registered a % 63.1 percent increase، in keping with the overall economic trend.

Meanwhile، Saudi Arabian Crown Prince Mohammed bin Salman said he does not care about allegations of "sportswashing" against the kingdom and that he will continue funding sport if it adds to the country's gross domestic product (GDP) by 1%، then we'll continue doing sportswashing.

Saudi Arabia invests in soccer، golf Formula One، boxing and tennis

Saudi Arabia has made massive investments in soccer، golf Formula One، boxing and tennis in recent years through its Public Wealth Fund، which is chaired by the crown prince، the kingdom's de facto ruler since 2015.

When Crown Prince Mohammed bin Salman asked specifically about the term "sportswashing"، he said: "I don't care. I have 1% GDP growth from sports and I'm aiming for another 1.5%، call it whatever you want، we're going to get that other 1.5%."

Saudi Arabia PIF owns 80% in Premier League club Newcastle

Saudi Arabia Public Investment Fund، PIF، owns an 80% stake in Premier League club Newcastle United and funded LIV Golf، which recruited high-profile players from the PGA Tour and Europe's DP World Tour before announcing an agreement to merge and form one unified commercial entity.

PIF also took a majority ownership stake in four of the country's top soccer clubs in June before teams in the Saudi Pro League spent nearly $1 billion in the transfer window which closed on Sept. 7 and Saudi Arabia has been hosting a Formula One Grand Prix since 2021 and has also held boxing world title fights as well as it will stage a professional tennis event this year for the first time.