Saudi Arabia's economy crosses the trillion-dollar mark

26 Sep 2023 CW Team

The report, as conveyed by the official Saudi Press Agency (SPA), revealed that the Saudi economy experienced an impressive growth rate of 8.7 percent, outperforming all other G20 member states. This remarkable growth was primarily attributed to increased production capabilities, resulting in an impressive 81.2 percent self-sufficiency rate and a substantial 27.3 percent investment rate, signifying the percentage of output dedicated to investments. These factors not only bolstered confidence in the national economy but also solidified the Saudi riyal as a stable store of value, evident in the surge of local currency deposits from 66.5 percent in 2021 to 67.7 percent in 2022.

The private sector played a pivotal role in this economic achievement, contributing SR1.634 trillion to the GDP, constituting 41 percent of the total GDP, and experiencing a commendable growth rate of 5.3 percent. Non-governmental investments experienced remarkable growth, reaching SR907.5 billion, marking a substantial 32.6 percent growth rate and contributing significantly, at 87.3 percent, to the overall fixed investments.

Additionally, the workforce within the private sector witnessed substantial expansion, growing from 8.084 million in 2021 to 9.422 million in 2022, reflecting an impressive growth rate of 16.6 percent, as outlined in the report.

This achievement underscores Saudi Arabia's economic prowess and its commitment to fostering growth and diversification, positioning the Kingdom as a prominent player on the global economic stage. The achievement of the $1 trillion GDP milestone ahead of schedule is a testament to the nation's economic resilience and vision for a prosperous future.

Saudi Arabia has achieved a significant economic milestone by surpassing a Gross Domestic Product (GDP) of SR4.155 trillion ($1 trillion) for the first time, ahead of its 2025 target, according to a report released by the Federation of Saudi Chambers on the occasion of the Kingdom's 93rd National Day. The report, as conveyed by the official Saudi Press Agency (SPA), revealed that the Saudi economy experienced an impressive growth rate of 8.7 percent, outperforming all other G20 member states. This remarkable growth was primarily attributed to increased production capabilities, resulting in an impressive 81.2 percent self-sufficiency rate and a substantial 27.3 percent investment rate, signifying the percentage of output dedicated to investments. These factors not only bolstered confidence in the national economy but also solidified the Saudi riyal as a stable store of value, evident in the surge of local currency deposits from 66.5 percent in 2021 to 67.7 percent in 2022. The private sector played a pivotal role in this economic achievement, contributing SR1.634 trillion to the GDP, constituting 41 percent of the total GDP, and experiencing a commendable growth rate of 5.3 percent. Non-governmental investments experienced remarkable growth, reaching SR907.5 billion, marking a substantial 32.6 percent growth rate and contributing significantly, at 87.3 percent, to the overall fixed investments. Additionally, the workforce within the private sector witnessed substantial expansion, growing from 8.084 million in 2021 to 9.422 million in 2022, reflecting an impressive growth rate of 16.6 percent, as outlined in the report. This achievement underscores Saudi Arabia's economic prowess and its commitment to fostering growth and diversification, positioning the Kingdom as a prominent player on the global economic stage. The achievement of the $1 trillion GDP milestone ahead of schedule is a testament to the nation's economic resilience and vision for a prosperous future.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..