The strategic relationship with the US will remain in place, given the mutual benefit that both countries derive from the partnership. Private investment plays an essential role in realizing Vision 2030. The International Monetary Fund raised its estimate for Saudi Arabia's economic growth by nearly three percentage points after Russia's war on Ukraine drove oil prices higher. A source with knowledge of the matter said that Swiss regulators are encouraging UBS and Credit Suisse to merge, but that both banks do not want to do so. According to the latest data from the World Bank, Saudi Arabia ranked as the 18th-largest economy in 2018, with GDP of $786.5bn. In her keynote address, Sheikha Mozah bint Marwan Al-Maktoum called for inclusivity in the aviation industry. 16 with calls for greater collaboration among all stakeholders to deliver sustainable solutions in order to meet the growing demand for travel worldwide. The solutions flexibility is such that it offers a drop-in replacement to conventional shade screens, which means it can be retrofitted to existing greenhouses or integrated with new greenhouse constructions. 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. 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. But the Saudi economy is growing steadily. 95 (Edition 2014), Snapshot of data for a fixed period (data will not change even if updated on the site). 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. SAN FRANCISO/NEW YORK: Huawei Technologies Co. Ltds founder said that the company has replaced more than 13,000 parts in its products that were hit by US trade sanctions, according to a transcript of a speech posted on Friday by a Chinese university. 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 kingdom's. Saudi Arabia In brief The crown prince, Mohammed bin Salman al-Saud, will consolidate his position and is expected to officially take over control from the king, Salman bin Abdel-Aziz al-Saud, in the short term. Regulators have asked banks interested in buying SVB and Signature Bank to submit bids by Friday, people familiar with the matter have said. from SAR 600 billion to over SAR 7 trillion, To move from our current position The Kingdom also participates in G20 meetings and is slated to host the G20 Leaders' Summit in Riyadh in November 2020. As soon as this statistic is updated, you will immediately be notified via e-mail. . Accessed March 18, 2023. https://www.statista.com/statistics/268059/gross-domestic-product-of-saudi-arabia/, IMF. The funds arepart of theNational Investment Strategy (NIS), a key enabler to achieve the goals of the Vision 2030, he added. "We will continue to work towards a bright future, enhanced by a diversified and sustainable economy, and this strategy is one of the tributaries formed to achieve this.". Further opening our country to investment will boost productivity and accelerate our journey to becoming one of the worlds largest economies. The remarks, which Reuters could not independently verify, provided a window into Huaweis efforts to bounce back from US trade restrictions. While support from some of the biggest names in US banking prevented its collapse this week, investors were startled by First Republics late disclosures on its cash position and just how much emergency liquidity it needed. Credit Suisse shares jumped 9 percent in after-market trading following the FT report. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. The views expressed in this article are those of the author alone and not the World Economic Forum. Gross Domestic Product - Annual Growth Rate. Mohammed Al Suwayed, CEO of Razeen Capital said: There is no details so far on what's the government spending gonna be at, but the numbers are too big, It's very ambitious.. We worked on improving the effectiveness and response of the government, unlocked opportunities for growth and investment, opened Saudi Arabia to the world, built and launched platforms for future growth, and increased citizens quality of life. Organisation for Economic. Saudi Arabia sits at the crossroads of important international trade routes between three continents: Asia, Europe and Africa. 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. We announced the general budget of the state for the next year, asking God Almighty to perpetuate the blessing of security and prosperity, the king said. Our website uses cookies to improve your online experience. Hence, the identification of components of knowledge economy is very important to. This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency. Saudi Arabia forecast 2.9 percent GDP growth this year followed by 7.4 percent growth in 2022, according to the budget. GDP growth is forecast to slow to 3.1 percentin 2023. "Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. UBS Group AG is in discussions to take over all or part of Credit Suisse, the Financial Times reported on Friday, after an emergency funding lifeline failed to restore investor confidence in the smaller Swiss bank. 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. Saudi Arabia has a vast master plan, Vision 2030, to diversify the country's economy away from hydrocarbons. After reaching the low point - 0.8% in 2017, the real GDP growth in Saudi Arabia grew up to 2% in 2018. What has been achieved, and what we seek to achieve, are the fruits of the continuous hard work by Saudi citizens and partnerships with the private and third sectors, which work in harmony to elevate the Kingdom's position in the developing world. The print means that the economy grew 8.9% over 2022 as a whole, the fastest pace in the MENA region. 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. Saudi Arabia's economy experienced a deep contraction in 2020, with the rebound seen through 2021. In response, the government cut subsidies on water, electricity, and gasoline; reduced government employee compensation packages . 2022 International Monetary Fund. Saudi Arabia economy in 2030 In absolute terms, the largest gains are expected to accrue to Saudi Arabia where AI is expected to contribute over US$135.2 billion in 2030 to the economy, equivalent to 12.4% of GDP. We wanted to provide ideal light management to the plants, so we engineered a screen that was retractable and had the flexibility of using solar cells with high efficiency and stability, offering us a huge advantage in performance and cost when compared with whatever PV technology was out there, said Michael Salvador, CEO of Mirai Solar, a doctorate in physical chemistry who joined KAUST Solar Center in 2017. Dec 22, 2022. The latest statistics suggest that the financial, insurance, real estate and service sectors will grow by 9% per year in the next years. IMF expects a slight decrease in 2019 to 1.8% with the following increase from 2020 to 2024. For too long Saudi Arabias rich cultural offering has been closed to the world. Dollars). 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. Ian Shine . Another goal of the strategy is positioning Saudi Arabia among the top ten economies on the Global Competitiveness Index by 2030, the Crown Prince said. You only have access to basic statistics. IMF expects a slight decrease in 2019 to 1.8% with the following increase from 2020 to 2024. All rights reserved. He added that the airline is expected to add $20 billion to non-oil GDP growth . In its latest Global Economic Prospects report, the World Bank expected the Saudi economy to grow by 2.3% in 2024. Your contribution to building a prosperous economy following #SaudiVision2030 will forever be remembered. In Washington, focus turned to greater oversight to ensure that banks and their executives are held accountable. 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. Despite the headwinds of the global economic slowdown, we are investing significantly in promising new growth economic sectors to further diversify the economy, and privatizing government services. Population and vitality. In relative terms the UAE is expected to see the largest impact of close to 14% of 2030 GDP. For the analysis of the other G20 economies, select a country page: US | Canada | Mexico | France | Germany | UK | Italy | Brazil | Argentina | Turkey | Australia | China | India | Japan | South Korea | Indonesia | Russia | South Africa | Saudi Arabia | EU | Euro Area, GDP Forecast | Inflation Forecast | Unemployment Forecast | Current Account Balance Forecast | Government Debt Forecast. A weekly update of the most important issues driving the global agenda . Saudi Arabia is a future-forward economy, offering untapped potential and unique business opportunities. The successful conclusion of negotiations with Georgia represents another huge stride forward in our foreign trade agenda and signals our ambition to build a truly global network of trade partners in strategically important parts of the world, he said, adding: Georgia is an economy based on free-market principles that holds considerable promise for our exporters and investors, and we look forward to developing opportunities in priority sectors such as agriculture, transportation, tourism, renewable energy and digital trade.. (It) is a shame because it was a high quality, well run bank, said John Petrides, portfolio manager at Tocqueville Asset Management. Beyond energy, Saudi Arabia continues to diversify its economy. Tourism, Hajj and Umrah Statistics. in the workforce from 22% to 30%, To increase SME contribution The first theme emphasises a better quality of life in the future, promoting . 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 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. We rate Saudi Arabia's policies and actions as "Insufficient". RIYADH: Saudi Arabia's financial and digital sectors are flourishing as the Kingdom pushes ahead with its Vision 2030 economic diversification strategy, according to the Minister of Finance. Credit Suisse is a very special case, said Frdrique Carrier, head of investment strategy at RBC Wealth Management. That surpassed a previous high set during the most acute phase of the financial crisis some 15 years ago. Cutting-edge entertainment experiences, new attractions and world-class events will all take place in the Kingdom in the coming years. Reform is opening new economic opportunities in Saudi Arabia to the world. The last Article IV Executive Board Consultation was on July 27, 2022. 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 . Along with spending, he also said that the government will implement a number of initiatives to strengthen the role of the private sector in development and attract additional foreign investment. Annual GDP Growth (%) Saudi Arabia. DUBAI: Saudi Arabia is expected to emerge as the sixth richest economy of the world in terms of per capita GDP by 2050, surpassing Canada, the United Kingdom and Switzerland, a Citibank forecast has said. The strategy will contribute to the growth and diversification of the Kingdoms economy, which, in turn, will achieve many of Vision 2030s goals, including raising the private sectors contribution to GDP to 65 percent while increasing the contribution of foreign investments to GDP to 5.7 percent, the Crown Prince said. On the other hand, the FTA will provide extended opportunities to promote and develop different industries in Georgia and increase and diversify Georgian exports.. To capture it, we will build a culture that rewards determination, and nurtures the skills and opportunities to help them realize their individual potential. Leyfus highlighted the concern of raising plants under conventional shade screens and planted the idea of a photovoltaic panel that mimics them and has the same functionality. In an unusual move, the ECB held an ad hoc supervisory board meeting, its second this week, to discuss the stresses and volatility in the banking sector. The growth rate of Saudi Arabia's population is likely to decrease to 1.09 by the year 2030, and further fall to 0.277 during the next 30 years, by the year 2060. Are you interested in testing our business solutions? Following his speech, the Council of Ministers completed the session headed by Crown Prince Mohammed bin Salman, where they thanked King Salman for attending the session to announce the state general budget for the next fiscal year. per year so we can fully cover the electricity needs of a mid-tech greenhouse and a certain percentage of the demand of a high-tech facility, Salvador added. Discussions during the three-day summit centered on providing quality training as the region experiences a surge in demand for aviation professionals. Seven years ago, the kingdom launched its Vision 2030 program to broaden its exports and investment potential with major sporting events, tourism, infrastructure and entertainment. This overall decrease does not happen. Of late, greenhouses have been under the spotlight in Saudi Arabia, especially after Abdulrahman Al-Fadhli, the minister of environment, water and agriculture, in January approved investments worth $1.06 billion until 2025 toward the plant resources sector and greenhouses. WB, UN and OECD predict the further increase to 2.1-2.2.% in 2019. The authorities seek to increase economic diversification to reduce dependence on oil and imports ("Made in Saudi") within their 2030 Vision programme, such as with the development of six-giga projects worth USD 7 trillion (including Red Sea project, Neom, Amaala, Qiddiya, etc ., in the tourism, entertainment, construction and . Population Pyramids: Saudi Arabia - 2030. The energy & water sectors are growing rapidly in Saudi Arabia and are considered some of the Kingdoms most important strategic sectors. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy. On the one hand, the non-oil PMI rose to a near eight-year high in February, boding well for the non-hydrocarbons sector. As in most other Arab countries, R&D spending in Saudi Arabia remains very low. The IMF's projections paint a positive picture, estimating Saudi Arabia's real GDP growth at 4.8 per cent, the real non-oil GDP growth at 3.6 per cent, and the real oil GDP growth to reach 6.8 per cent in 2022. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Davitashvili said that concluding the negotiations in only three rounds is a sign of dedication of both parties to further bolster the already well-established bilateral relationship. We will leverage our proximity to energy sources and our distinctive logistical offer to stimulate a new phase of industrialization and boost trade. Currently, you are using a shared account. This included the introduction of tourist visas in late 2019, with government aspirations to create . A higher economic growth is projected based aims of the government to diversify its income, empower the private sector, and implement wide structural changes through its Vision 2030 programs. 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. 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 incorporate the statistic into your presentation at any time. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The university posted the transcript on its website on Friday. ", IMF, Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/268059/gross-domestic-product-of-saudi-arabia/ (last visited March 18, 2023), Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) [Graph], IMF, October 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. 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This is particularly important given the increasing population and the need to meet the growing demand for food. Please do not hesitate to contact me. Increasing the contribution of SMEs to GDP from 20 to 35 percent by 2030. Accordingly, the development of renewable energy sources is a key objective of Vision 2030. Saudi Arabia believes its economy can decouple so much from oil that crude prices soon won't be a decisive factor in shaping fiscal policy. dollars)." This plan makes a commitment to greater diversification of the Saudi economy by 2030 and more transparency in government ministries. IMF. Social statistics. The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030. Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) Saudi Arabias economy is predicted to grow at 7.6% this year according to the International Monetary Funds (IMF) World Economic Outlook 2022 report. Many countries are in a bad economic downturn. To increase the private sector's contribution 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. As a Premium user you get access to the detailed source references and background information about this statistic. The full attention of the Kingdom, and our Leadership, is on harnessing our potential to achieve our ambitions. Gross Domestic Product. The Commercial Space Payload market reports contain valuable and digestible information like customer survey responses, and social, economic, and geographical insights forecast till 2030. If you are an admin, please authenticate by logging in again. Year. Saudi Central Bank Indices Gross Domestic Product - Annual Growth Rate. Long-term baseline projections, No. of 25 to the top 10 countries on the Global Competitiveness Index, To increase the Public Investment Funds assets To use individual functions (e.g., mark statistics as favourites, set First Republic Bank ended Friday down 32.8 percent, bringing its loss over the last 10 sessions to more than 80 percent. Strengthen Islamic Values and National Identity, Create an Empowering Environment for Saudis, Grow Contribution of the Private Sector to the Economy, Maximize Value Captured from the Energy Sector, Grow the Public Investment Fund's Assets and Role as a Growth Engine, Further Integrate Saudi Economy Regionally and Globally, Develop Human Capital in line with Labor Market Needs, Ensuring Equal Access to Job Opportunities, Enable Job Creation through SMEs and Micro-Enterprises, Attract Relevant Foreign Talents for the Economy, Improve performance of government apparatus, Enable Larger Impact of Non-Profit Sector, National Industrial Development and Logistics Program, Homepage: The Progress & Achievements of Saudi Arabia. *GDP Data from January 2023 World Economic Outlook Update. 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 strategy provides international firms with the opportunity to invest in the country, particularly in its non- oil sectors. It features eight key economic transformation targets translated into very specific objectives. Credit Suisse executives were due to hold meetings over the weekend to chart a path forward for the ailing Swiss bank, people familiar with the matter have previously said. As a Premium user you get access to background information and details about the release of this statistic. Monthly Monetary and Financial Statistics (MEI) Agricultural Outlook. Listed below are items related to Saudi Arabia. The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030. The goal is to create a society in which every citizen enjoys a happy fulfilling lifestyle complemented by a standard of living which provides a safe and secure environment for families, and access to world class health care and education. The UAE now accounts for more than 63 percent of the total volume of Georgias trade with Arab countries, while its funding into the European country represents 5 percent of its total foreign direct investments, making the UAE Georgias sixth largest global investor. Biden who earlier this week promised Americans that their deposits are safe on Friday called on Congress to give regulators greater power over the banking sector, including leveraging higher fines, clawing back funds and barring officials from failed banks, a White House statement said. Earlier on Friday, SVB Financial Group said it had filed for a court-supervised reorganization, days after its former banking unit SVB was taken over by US regulators. Sitting at the heart of essential trade routes connecting three continents, Saudi Arabia occupies a unique and strategically beneficial location that Vision 2030 aims to maximize by developing the Kingdom into a world leading transport & logistics hub. , imf details about the release of this statistic university posted the transcript on its website on Friday not! Details about the release of this statistic - Kingdom of Saudi Arabia continues to diversify its economy 23,310.800... Potential and unique business opportunities to non-oil GDP growth this year followed by 7.4 percent growth 2022! Bank to submit bids by Friday, people familiar with the US will remain in,... And details about the release of this statistic to building a prosperous economy following SaudiVision2030... 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