Saudi Arabia's GDP reached SR4.155 trillion, exceeding the trillion-dollar mark for the first time and joining the global trillion-dollar economies

According to studies from the International Monetary Fund and other associated international organisations, Saudi Arabia has seen increasing success, which has helped to improve key economic indices. In 2022, the Saudi economy was one of the G20 countries with the fastest growth. The Saudi Chambers of Commerce said that Saudi Arabia's Gross Domestic Product (GDP) surpassed SR4.155 trillion, surpassing the trillion-dollar threshold for the first time and entering the world's trillion-dollar economies. This was done in honour of the nation's 93rd National Day. This accomplishment surpasses the state's 2025 goals and is complemented with an exceptional 8.7% growth rate, the highest of the G20 countries.

Its strong production capabilities, which resulted in a self-sufficiency rate of 81.2% and a higher investment rate, reaching 27.3%, are principally responsible for this expansion. These changes have increased faith in the Saudi economy, which has increased faith in the Saudi riyal. Since 2021, deposits in local currency have increased from 66.5% to 67.7% of total savings.

According to the annual Global Competitiveness Report by the International Institute for Management Development (IMD), Saudi Arabia has climbed to the 17th spot on the list of the world's most competitive economies out of 64 nations. Additionally, the nation is ranked 51st in the Global Innovation Index and second internationally for the growth rate of tourists from other countries. The Saudi economy is now 63.1% more integrated into the world economy.

The study highlights the Saudi private sector's sustained good performance as an efficient partner in overall development and in realising the lofty goals of Vision 2030 with regard to its contribution to these aims. With a growth rate of 5.3%, the private sector's GDP, which totaled SR1.634 trillion, contributed 41% of the nation's GDP. Due to the oil industry's strong expansion, which increased at a pace higher than 15%, its contribution has remained consistent. Non-government investments increased by 32.6% to SR907.5 billion, making up around 87.3% of all fixed investments.

The number of employees in the private sector rose from 8.084 million in 2021 to 9.422 million in 2022, a growth rate of 16.6%, and played a significant role in employment as well. According to localization initiatives, there were 2.195 million Saudi employees in the private sector in 2022, up from 1.910 million in 2021, a growth rate of 14.9%, and a 58.2% participation rate for the whole Saudi workforce.

The research emphasises the effectiveness of Saudi initiatives intended to broaden the country's economic base and aid Saudi products in reaching international markets. The rise in exports of goods and services, which climbed by 54.4%, raised the Saudi economy's export capacity from 33% to 39.3% of GDP.