Decade record in Saudi GDP reaching $1 trillion in 2022
Saudi Arabia is experiencing the highest growth rate in more then a decade reaching 8.7% growth in 2022 with its total GDP exceeding $1 trillion, says the General Authority for Statistics report released on Thursday.
The Organization for Economic Cooperation and Development (OECD), made up of 38 member countries to stimulate economic progress and world trade, identified Saudi Arabia as the fastest growing among major world economies in the first quarter of last year.
Its economy grew 2.6% quarter-on-quarter in the first three months of 2022; this was higher than any of the 19 countries and the European Union that make up the Group of 20 (G20).
The G20 members make up around 85% of the global GDP, 75% of global trade and about two-thirds of the world population, according to the intergovernmental forum’s website.
Positive growth in non-oil sector has reached 5.4% compared to the previous year.
In a November report, the OECD predicted that Saudi Arabia’s GDP will slow its growth in 2023 to about 5% and even more so in 2024 to 3.5%, and the kingdom will lose its position as the fastest growing to India this year and the next.
World GDP growth for 2023 is expected to average at 2.2%, the OECD estimated.