For the analysis of the other G20 economies, select a country page: GDP growth is forecast to slow to 3.1 percentin 2023. The strategic relationship with the US will remain in place, given the mutual benefit that both countries derive from the partnership. The country's General Authority for Statistics (GASTAT) highlighted that this growth rate is the highest the kingdom has experienced in more than a decade, according to its report . Saudi Arabia has already embarked on a transformational program that will generate significant industrial growth. Banking stocks globally have been battered since Silicon Valley Bank collapsed, raising questions about other weaknesses in the wider financial system. Saudi Arabia GDP Summary Forecast Stats Download The Gross Domestic Product (GDP) in Saudi Arabia was worth 833.54 billion US dollars in 2021, according to official data from the World Bank. 2022 International Monetary Fund. In her keynote address, Sheikha Mozah bint Marwan Al-Maktoum called for inclusivity in the aviation industry. DUBAI, June 7 (Reuters) - Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed. In the latest sign of its mounting troubles, at least four major banks including Societe Generale SA and Deutsche Bank AG have put restrictions on their trades involving the Swiss lender or its securities, according to five sources with direct knowledge of the matter. Dec 22, 2022. Organized in Ras Al-Khaimah, the 10th edition focused on sustainable aviation as a catalyst for driving growth and prioritising climate action in the Middle East market. The surplus comes as the Kingdom's gross domestic product is also set to exceed expectations registering growth of 8.5 percent compared with the 7.5 percent estimated in December 2021 and the 8 percent forecast in pre-Budget statement published at the end of September. The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meetings content told Reuters. Use Ask Statista Research Service, COVID-19 deaths worldwide as of February 28, 2023, by country and territory, COVID-19 cases worldwide as of February 28, 2023, by country or territory, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Feb. 28, 2023, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Feb. 26, 2023, by day, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. Saudi Arabia Gross Domestic Product (GDP) per Capita reached 23,310.800 USD in Dec 2021, compared with 20,030.933 USD in Dec 2020. This statistic is not included in your account. A vibrant society is vital to achieving the Vision and establishing a strong foundation for economic prosperity. Our website uses cookies to improve your online experience. The "Insufficient" rating indicates that Saudi Arabia's climate policies and action in 2030 need substantial improvements to be consistent with the 1.5C temperature limit. The energy & water sectors are growing rapidly in Saudi Arabia and are considered some of the Kingdoms most important strategic sectors. Listed below are items related to Saudi Arabia. Al Zeyoudi believes this deal will open up important new opportunities for the private sectors in both countries. The Swiss central bank stepping in was a necessary step to calm the flames, but it might not be sufficient to restore confidence in Credit Suisse, so theres talk about more measures. Gross domestic product (annual) Gross domestic product (quarterly) Composite Leading Indicators. Analysts, investors and bankers think the loan facility from the Swiss central bank which made it the first major global bank to take up an emergency lifeline since the 2008 financial crisis only bought it time to work out what to do next. Saudi Arabia's economy experienced a deep contraction in 2020, with the rebound seen through 2021. Vision 2030 is opening Saudi Arabia to the world, and access to new cultural and creative opportunities is unleashing a newfound appetite for collaboration. The ideal entry-level account for individual users. Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) [Graph]. According to GlobalData, the Saudi Arabian economy is expected to grow by 4.8% in 2022, compared to 2.5% real GDP growth in 2021. Experts forecast that the economy of the Kingdom of Saudi Arabia will grow more significantly in the next years as the country looks towards economic diversification, self-sufficiency and sustainability in a bid to minimize the reliance on oil. The crown prince said that the success of the Kingdoms reforms in the operating model of the public sector and the economy contributed to the achievement of a budget surplus. This will be achieved by improving our business environment, restructuring our economic cities, creating special zones and deregulating the energy market to make it more competitive. Vehicle sales are now forecast to drop by a third again in 2020 because of the latest VAT hike. We rate Saudi Arabia's policies and actions as "Insufficient". The last Article IV Executive Board Consultation was on July 27, 2022. On the other hand, the shade screen is made of specialized light diffusion material designed to regulate the amount of light that enters the greenhouse by sliding back and forth along a track. The kingdom does not disclose the oil price it assumes to calculate its . Saudi Arabian Central Bank (SAMA) recently approved two new FinTech companies bringing the total number of regulated companies in the Kingdom of Saudi Arabia to 38. Use this code to embed the visualisation into your website. . A key focus for Vision 2030 is in creating an environment that unlocks business opportunities, broadens the economic base, and creates jobs for all Saudis. Saudi Arabia achieved real gross domestic product (GDP) growth of 8.7% in 2022, according to a government report on Thursday, with its total GDP exceeding $1 trillion for the first time in the country's history.. You can change your personal cookie settings through your internet browser settings. [Online]. But for all practical purposes, the PV shade screens are controlled by a timer, allowing the user to set specific times for the screen to retract and extend. The windfall, alongside higher production volumes, made Saudi Arabia's economy the fastest growing in the Group of 20 last year and helped it run a fiscal surplus for the first time in nearly a . The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030. 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This plan makes a commitment to greater diversification of the Saudi economy by 2030 and more transparency in government ministries. First Republic Bank ended Friday down 32.8 percent, bringing its loss over the last 10 sessions to more than 80 percent. All news about Saudi Arabia At a Glance 2023 Projected Real GDP (% Change) : 2.6* Country Population: 36.891 million Date of Membership: August 26, 1957 Article IV/Country Report: August 17, 2022 Special Drawing Rights (SDR): 15483.36 million Quota (SDR): 9992.6 million * GDP Data from January 2023 World Economic Outlook Update Country Data Organisation for Economic Co-operation and Development (OECD), Source: In line with Vision 2030, we are aiming to see sector GDP contributions double by 2030. The Ministry of Finance increased its debt ceiling from 30 percent of GDP to 50 percent. Raki Phillips, CEO of RAKTDA, emphasised the importance of choosing partnerships that will lead the industry into the future, while Mikail Houari, president of Airbus Africa Middle East, discussed the regions commitment to sustainability as a key pillar to expand the sector. Saudi Arabia plans to disentangle itself so thoroughly from the crude oil industry that oil prices won't play a significant role in shaping the . The Saudi Vision 2030 in particular has generated significant media coverage and business interest in the United States. Saudi Arabia from The World Bank: Data. Economic Outlook. Business Solutions including all features. Initiatives include adopting new technologies like 3D printing, using more prefabricated buildings, leveraging robots for construction, and providing incentives for private sector partnerships. A US-based Huawei representative did not immediately respond to a request for comment on Friday. The frantic efforts to shore up Credit Suisse come as policymakers including the European Central Bank and US President Joe Biden have sought to reassure investors and depositors that the global banking system is safe. He cited the Kingdoms launch of the Global Supply Chain Resilience Initiative, which aims to make Saudi Arabia a prime investment environment for supply chain investors. The cabinet then reviewed the provisions of the budget, and issued its decision regarding the revenue, expenditure and surplus. However, greenhouses in Saudi Arabia require significant electricity to maintain optimal growing conditions in extreme weather. Reform is opening new economic opportunities in Saudi Arabia to the world. Regulators have asked banks interested in buying SVB and Signature Bank to submit bids by Friday, people familiar with the matter have said. Later on Wednesday, the Saudi cabinet approved the budget in a meeting that was chaired by King Salman at Al-Yamamah Palace in Riyadh, the Saudi Press Agency reported. The strategy aims to raise net foreign direct investment flows to SR388 billion annually, and increase domestic investment to reach about SR1.7 trillion annually by 2030. Saudi Arabia has one of the highest reserve coverage ratios among Fitch-rated sovereigns at more than 20 months of current external payments. Credit Suisse is a very special case, said Frdrique Carrier, head of investment strategy at RBC Wealth Management. They were placed on your device when you launched this website. Diversifying our economy is vital for its sustainability. . The mining and metals processing sector in Saudi Arabia has grown significantly in recent years. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. We will continue to enable citizens and businesses to unleash their fullest potential, and we will work on diversifying the economy, supporting local content and develop innovative opportunities for the future. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy. Health Status. He added that the airline is expected to add $20 billion to non-oil GDP growth . The crown prince directed the ministers and officials to actively commit to implementing the budget programs and the development and social projects. We proposed the idea to the Technology Transfer Office of KAUST. The King Abdullah Petroleum Studies & Research Center (KAPSARC) published a paper titled Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth to mark the fifth anniversary of the launch of the vision. He added: I strongly believe that the establishment of a free trade regime between Georgia and UAE will be of benefit for both countries. source: World Bank 10Y 25Y 50Y MAX Chart Compare Export API Embed Saudi Arabia GDP "Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. 31/12/2022. Total revenues are forecast at SR1.234 trillionfor 2022, while spending is SR1.132 trillion, meaning a surplus of2.6 percentof GDP 0.1 percentage point higher than previously forecast. The SDGs are part of 2030 Agenda for Sustainable Development. to incorporate the statistic into your presentation at any time. negative economic growth. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, Saudi Arabia's Crown Prince Mohammed bin Salman. Saudi Arabias inflation, which recorded 2.6 percentin 2022, is expected to fall to 2.1 percent in 2023. The indicator is measured in USD at 2010 Purchasing Power Parities. The agreements included a deal between Ras Al-Khaimah Tourism Development Authority and the FTI Group in Germany to increase air connectivity between the two destinations. US regulators are willing to consider having the government backstop losses at SVB and Signature Bank if it helps push through a sale, the Financial Times reported on Friday, citing people briefed on the matter. Saudi Arabia gdp growth rate for 2020 was -4.14%, a 4.47% decline from 2019. 2022. Chart. In Washington, focus turned to greater oversight to ensure that banks and their executives are held accountable. The remarks, which Reuters could not independently verify, provided a window into Huaweis efforts to bounce back from US trade restrictions. The Crown Prince indicated that investment constitutes an essential and pivotal element in the system of economic growth and sustainable development under the umbrella of the Kingdom's Vision 2030. To increase foreign direct investment to GDP from 20% to 35%, To lower the rate of unemployment When the shade screen is fully extended, it blocks part of the sunlight from entering the greenhouse, and when it is retracted, it allows more sunlight to enter. Silicon Valley Bank collapsed, raising questions about other weaknesses in the aviation industry about other weaknesses in the financial. 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