Saudi economy enters trillion dollar club: report

Saudi economy enters trillion dollar club: report

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A report by the Federation of Saudi Chambers, issued on the occasion of the kingdom’s 93rd National Day, revealed that the kingdom’s gross domestic product (GDP) reached SAR4.155tn, exceeding the ceiling of $1tn for the first time.

This achievement has made the kingdom a member of the ‘trillion-dollar’ club and marks the achievement of the national goal well ahead of the target date of 2025, reported Saudi Press Agency (SPA).

Saudi Arabia has achieved many milestones, ranging from improving its major economic indicators to upgrading the ranking of the national economy by global institutions, including the International Monetary Fund (IMF).

According to the IMF, the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022.

The report shared that the Saudi economy achieved a growth rate of 8.7 per cent – the highest among the G20 member states – driven primarily by its production capabilities, which is reflected in the increase in the self-sufficiency rate of the Saudi economy to 81.2 per cent, and the increase in the investment rate (the invested percentage of output) to 27.3 per cent.

This performance led to increased confidence in the national economy and the Saudi riyal as a store