The Kingdom is sixth in GDP among the Group of Twenty countries, with a growth rate of 3.6%.
Saudi Arabia Flag on Flagpole by Evening Sunset Sky

The reports of the Organization for Economic Cooperation and Development (OECD) expected that the Saudi economy will continue to recover from the Corona pandemic during 2022, with a growth of 3.6% in GDP, the sixth rank among the G20 in growth rate compared to 2020, while India and Indonesia ranked first with 5.4%, and came China came second with a growth of 4.9%, then Spain third with 4.8%, and the United Kingdom came fourth with expectations of 4.7% growth, and America, Canada, and Italy came in fifth with 4%.

The impact of the pillars and strength of the Saudi economy on economic diversification efforts in light of achieving the goals of Vision 2030 was evident, as the percentage of the non-oil sector’s contribution to the Saudi economy increased in 2021 to 43%, and a growth of 6.1% compared to the year before 2020, through the growth of a group Among the main activities and sectors, most notably the trade and industry sector, transportation, mining and quarrying, the financial and insurance sector, the contracting sector, construction services, and government services.

It is worth noting that the preliminary statement of the Kingdom’s budget for the year 2022 expects that the GDP for the year 2022 will achieve a growth of 7.5%, driven by the growth of non-oil GDP, as well as the oil sector, with the recovery of global demand, and the improvement of global supply chains, and it is also expected that the positive growth of GDP will continue on The medium-term is driven by the growth of the non-oil sector.

He pointed out that the most important factors that would support the growth rates of non-oil GDP include continued progress in implementing programs and projects to achieve the vision, major projects, developing promising sectors in the economy, progress in implementing many investment-enhancing initiatives, stimulating industry and non-oil exports, In addition to the gradual return of some main activities to their pre-pandemic rates, as well as the recovery of the economy and global demand, and the continuation of the gradual implementation of structural reforms in the medium term within the framework of Vision 2030.

The Statistics Authority had revealed that the real GDP estimates achieved the highest growth rate during the past ten years, since 2011, at a rate of 9.6%, during the first quarter of this year, compared to the same quarter of 2021, while the authority attributed the positive growth to the significant rise It was achieved by oil activities by 20.4%, in addition to the increase achieved by non-oil activities by 3.7%, while government services activities achieved an increase by 2.4%, according to rapid estimates made by the authority.