Saudi Arabia has achieved a significant milestone by surpassing a trillion-dollar gross domestic product (GDP) for the first time, well ahead of its 2025 target. This accomplishment is attributed to the Kingdom’s remarkable economic successes, which have improved key economic indicators and elevated its global ranking.
The International Monetary Fund noted that the Saudi economy was the fastest-growing among G20 member states in 2022, achieving a growth rate of 8.7%. This growth was primarily driven by increased production capabilities, resulting in a higher self-sufficiency rate of 81.2% and an investment rate of 27.3%.
These achievements have boosted confidence in the Saudi economy and the stability of the Saudi riyal. The ratio of local currency deposits to total savings deposits increased from 66.5% in 2021 to 67.7% in 2022.
As a result, Saudi Arabia now holds the 17th position in the global economy among the world’s 64 most competitive countries.
