Saudi economy surpasses trillion-dollar mark: FSC

Saudi Arabia's GDP has surpassed the one trillion-dollar threshold, as announced by the primary association representing the nation's businesses.

The Federation of Saudi Chambers, via the official state news source, disclosed that Saudi Arabia recorded a GDP of SR4.15 trillion ($1.11 trillion), attaining its 2025 financial objectives.

A study by the FSC, cited by the Saudi Press Agency, indicated that Saudi Arabia experienced an 8.7% economic upsurge in 2022, the most pronounced growth among G20 nations.

Furthermore, the private sector's economic input increased to SR1.63 trillion in 2022, constituting 41% of the GDP and reflecting a 5.3% growth.

Aligning with the nation's Vision 2030 blueprint, Saudi Arabia has emphasized boosting its non-oil private sector, progressively lessening its reliance on oil revenue.
The study also noted a surge in non-governmental investments to SR907.5 billion in 2022, a 32.6% growth. Additionally, private sector employment figures grew from 8.08 million in 2021 to 9.42 million in 2022.

Saudi nationals employed within the private sector also climbed from 1.91 million in 2021 to 2.19 million in 2022.

The Saudi Chamber of Commerce underscored the nation's triumph in economic diversification, reporting that non-oil exports amounted to SR315.7 billion in 2022, making up 20.5% of total merchandise exports.
In related news, the International Monetary Fund recently acknowledged the robust fiscal outlook for Saudi Arabia. The Vision 2030 strategy, incepted in 2016, has been pivotal in this economic transformation.

The UN's financial body also remarked on Saudi Arabia's ample fiscal buffers and the efficacy of pegging its exchange rate to the US dollar.

The IMF recognized Saudi Arabia's ability to stabilize its consumer price index amidst rising global inflation trends.