Saudi economy enters trillion dollar club: report

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25-Sep-2023

A report by the Federation of Saudi Chambers, issued on the occasion of the kingdom’s 93rd National Day, revealed that the kingdom’s gross domestic product (GDP) reached SAR4.155tn, exceeding the ceiling of $1tn for the first time. This achievement has made the kingdom a member of the ‘trillion-dollar’ club and marks the achievement of the national goal well ahead of the target date of 2025, reported Saudi Press Agency (SPA). Saudi Arabia has achieved many milestones, ranging from improving its major economic indicators to upgrading the ranking of the national economy by global institutions, including the International Monetary Fund (IMF). According to the IMF, the Saudi economy was the fastest-growing among the Group of Twenty (G20) member states in 2022.

 

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