saudi arabia gdp forecast 2030

You can change your personal cookie settings through your internet browser settings. Saudi Arabia gdp per capita for 2020 was $19,540, a 12.89% decline from 2019. Adel Al-Ali, the summit chairperson and group CEO of Air Arabia, highlighted the need for mainstreaming sustainable practices and technologies across the industry, while also calling for greater collaboration among all stakeholders. To this end, we will enable our economy to generate diverse job opportunities for young Saudis while attracting global talent. Saudi Arabia achieved real gross domestic product (GDP) growth of 8.7% in 2022, according to a government report on Thursday, with its total GDP exceeding $1 trillion for the first time in the country's history.. Increasing the contribution of SMEs to GDP from 20 to 35 percent by 2030. When the light is too high, the system automatically extends the shade screen to reduce the amount of light entering the greenhouse. The PV panels are made of monocrystalline silicon solar cells that generate an electric current when exposed to sunlight, which is fed into the local power distribution panel to support the energy needs of the greenhouse. The indicator is measured in USD at 2010 Purchasing Power Parities. After joining the university, Salvador chanced upon Ryan Leyfus, one of the founders of Red Sea Farms, another innovative KAUST spinout that pioneered saltwater-based agriculture in the Kingdom. Cutting-edge entertainment experiences, new attractions and world-class events will all take place in the Kingdom in the coming years. In April 2016, the Saudi government announced a broad set of socio-economic reforms, known as Vision 2030. State-Owned Assets, Maximize Revenues Collected from Service Fees, Increase Revenues from Fees Without Introducing Taxes on Income or Wealth on Citizens, Maximize Revenues Generated from Oil Production, Design a Leaner and More Effective Government Structure, Enhance Performance of Government Entities, Improve Productivity of Government Employees, Improve Quality of Services Provided to Citizens, Enhance Transparency Across Government Roles, Strengthen Communication Channels with Citizens and Business Community, Ensure Responsiveness of Government Entities to Stakeholders' Feedback, Ensure Sustainable Use of Water Resources, Enhance Businesses' Focus on their Social Responsibilities, Enhance Businesses' Focus on the Sustainability of the Economy, Empower Non-Profit Organization to Create a Deeper Impact. Regulators have asked banks interested in buying SVB and Signature Bank to submit bids by Friday, people familiar with the matter have said. These achievements belong to the sons and daughters of this great nation. The Saudi Vision 2030 in particular has generated significant media coverage and business interest in the United States. Dec 22, 2022. The overall literacy rate was 95.3% in 2017, and the country's score on the U.N. education index was 0.789 in 2019. GDP long-term forecast Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. The kingdom does not disclose the oil price it assumes to calculate its . The revelations cameas the Saudi government approveda SR1.114 trillionbudget for 2023, itselfexpected to post a surplus of SR16 billion,Saudi media outlets reported. Learn more about how Statista can support your business. Vision 2030 is opening Saudi Arabia to the world, and access to new cultural and creative opportunities is unleashing a newfound appetite for collaboration. The Saudi Ministry of Finance's budget statement for fiscal year 2023 disclosed earmarking over $303 billion in expenditures for key projects and programs, with $19 billion allocated for various. Saudi Arabia GDP Per Capita data is updated yearly, available from Dec 1963 to Dec 2021, with an average number of 8,777.236 USD. from 3.8% to the international level of 5.7% of GDP, To rise from our current position The supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meetings content told Reuters. We proposed the idea to the Technology Transfer Office of KAUST. Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government. WB, UN and OECD predict the further increase to 2.1-2.2.% in 2019. . This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency. International Trade. This is particularly important given the increasing population and the need to meet the growing demand for food. The mining and metals processing sector in Saudi Arabia has grown significantly in recent years. In response, the government cut subsidies on water, electricity, and gasoline; reduced government employee compensation packages . Plans for the sectors development aim to achieve privatization of services provision & PPP, an elevation in quality of care, application of virtual healthcare platforms and the enhancement of the health service through essential supply chain reform. Under the leadership of the Custodian of the Two Holy Mosques, Vision 2030 was launched, a roadmap drawn up by His Royal Highness the Crown Prince, to harness the strengths God bestowed upon us our strategic position, investment power and place at the center of Arab and Islamic worlds. 16 with calls for greater collaboration among all stakeholders to deliver sustainable solutions in order to meet the growing demand for travel worldwide. Show sources information Saudi Arabia has embarked upon an unprecedented reform agenda known as Vision 2030, which aims to create a dynamic, diverse and sustainable economy. To increase foreign direct investment The retractable PV shade screen is typically controlled by a computerized system that uses sensors to measure the amount of light entering the greenhouse. statistic alerts) please log in with your personal account. 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Annual GDP Growth (%) Saudi Arabia. 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. Private investment plays an essential role in realizing Vision 2030. 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. Organisation for Economic. The Crown Princehighlighted that out of the SR12 trillion,the Shareek program initiatives will inject SR5 trillion, the Public Investment Fund is set to contribute SR3trillion, and the remaining SR4 trillion will come from investments facilitated by the NIS. from SAR 600 billion to over SAR 7 trillion, To move from our current position baht) in 2021. Saudi Arabian Central Bank (SAMA) recently approved two new FinTech companies bringing the total number of regulated companies in the Kingdom of Saudi Arabia to 38. air, sound, water, soil), Safeguard the Environment from Natural Threats, Protect and Rehabilitate Natural Landscapes, Develop and Diversify Entertainment Opportunities to Meet Population's Needs, Grow Saudi Contribution to Arts and Culture, Enhance Family Involvement in Preparing for their Children's Future, Enable Suitable Home Ownership Among Saudi Families, Develop Positive Attitude, Resilience and Hard-Work Culture Among Our Children, Empower Citizens Through the Welfare System, Improve Effectiveness and Efficiency of Welfare System, Unlock State-Owned Assets for the Private Sector, Ensure the Formation of an Advanced Capital Market, Enable Financial Institutions to Support Private Sector Growth, Create Special Zones and Rehabilitate Economic Cities, Increase Localization of Oil and Gas Sector, Increase Gas Production and Distribution Capacity, Grow Contribution of Renewables to National Energy Mix, Enhance Competitiveness of the Energy Market, Grow and Capture Maximum Value from the Mining Sector, Localize Promising Manufacturing Industries, Enable the Development of the Retail Sector, Enable the Development of the Tourism Sector, Grow Assets of the Public Investment Fund, Unlock New Sectors through the Public Investment Fund, Localize Edge Technology and Knowledge through the Public Investment Fund, Build Strategic Economic Partnerships through the Public Investment Fund, Create and Improve Performance of Logistic Hubs, Improve Local, Regional and International Connectivity of Trade and Transport Networks, Develop Economic Ties with the Region Beyond GCC, Develop Economic Ties with Global Partners, Support National Champions Consolidate their Leadership Globally, Develop Promising Local Companies into Regional and Global Leaders, Improve Equity of Access to Education (esp. 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. negative economic growth. The surplus is equivalent to 0.4 percentof gross domestic product 0.2 percentage points higher than forecast in September. 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. Soon, the solar technology startup will expand beyond the horizons of the greenhouse and create solar-powered car parking spaces for electric vehicles and deploy its foldable modules on mobile shipping containers to fuel their energy needs. Population Pyramids: Saudi Arabia - 2030. Vision 2030 recognizes this and has taken a holistic approach to developing sustainable world-class housing solutions in the Kingdom. The four-person panel analyzed these plans in terms of . Saudi Arabia's economy experienced a deep contraction in 2020, with the rebound seen through 2021. Credit Suisse and UBS declined to comment on the report. 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 healthcare and life sciences sector is one of the most important sectors for Saudi Arabia. RAS AL-KHAIMAH, UAE: Three strategic multistakeholder agreements to facilitate public-private cooperation were signed during the 10th Arab Aviation Summit that concluded in the UAE, Emirates News Agency reported on Friday. The paper emphasized evidence that economic diversification would make the economy more resilient to external demand shocks, help to create higher-skilled jobs and establish a knowledge-based economy. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy. "The International Monetary Fund (IMF), in its annual report (World Economic Outlook, 2022), expected that the Saudi economy will register a 7.6% growth rate this year; the highest growth rate among world economies, which include advanced economies, emerging market economies and developing economies." Read the full article here. An ECB spokesperson declined to comment. Saudi Arabia. This plan makes a commitment to greater diversification of the Saudi economy by 2030 and more transparency in government ministries. Universities), Develop our Brightest Minds in Priority Fields, Ensure Alignment of Educational Outputs with Labor Market Needs, Expand Vocational Training to Provide for Labor Market Needs, Improve Readiness of Youth to Enter the Labor Market, Increase Women Participation in the Labor Market, Enable Integration of People with Disabilities in the Labor Market, Nurture and Support the Innovation and Entrepreneurship culture, Grow Productive Families Contribution to the Economy, Source Relevant Foreign Talent Effectively, Enhance Effectiveness of Financial Planning and Efficiency of Government Spending, Maximize Revenues from Gov. UN's Agenda 2030 Sustainable Development Goals (SDGs) also known as Global Goals are a set of 17 goals that aim to provide better living conditions to all. Saudi Arabia gdp growth rate for 2021 was 3.24%, a 7.38% increase from 2020. Saudi Arabia is the land of the Two Holy Mosques which positions the Kingdom at the heart of the Arab and Islamic worlds, Saudi Arabia is using its investment power to create a more diverse and sustainable economy, Saudi Arabia is using its strategic location to build its role as an integral driver of international trade and to connect three continents: Africa, Asia and Europe, Foster Values of Moderation and Tolerance, Foster Values of Excellence and Discipline, Foster Values of Determination and Perseverance, Facilitate Hosting More Umrah Visitors and Provide an Easier Access to the Holy Mosques, Improve Quality of Services Provided to Hajj and Umrah Visitors, Enrich the Spiritual and Cultural Experience of Hajj and Umrah Visitors, Instill National Values and Strengthen the Sense of National Belonging, Conserve and Promote Islamic, Arab, and National Hritage of the Kingdom, Strengthen Prevention Against Health Threats, Increase Public Participation in Sports and Athletic Activities, Reach Regional and Global Excellence in Selected Professional Sports, Improve Quality of Services Provided in Saudi Cities, Improve the Urban Landscape in Saudi Cities, Enhance the Nation's Immunity Towards Drug Abuse, Reduce All Types of Pollution (e.g. Saudi Aramco, the world's largest public company, reported a 25 percent drop in net income in the first quarter of 2020. Many countries are in a bad economic downturn. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. US regional bank shares were fell sharply on Friday and the S&P Banks index tumbled 4.6 percent, bringing its decline over the past two weeks to 21.5 percent, its worst two-week calendar loss since the COVID-19 pandemic shook markets in March 2020. 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. IMF. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, Saudi Arabia's Crown Prince Mohammed bin Salman. Show publisher information Currently, you are using a shared account. Visualising the World Economy to 2030. A group of Democratic US lawmakers also asked regulators and the Justice Department for a probe into the role of Goldman Sachs in the collapse of SVB, the office of US Representative Adam Schiff said on Friday. TheNIS will target keysectors such asmanufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care, the statement said. 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 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. Please do not hesitate to contact me. 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. The King Abdullah Petroleum Studies & Research Center (KAPSARC) published a paper titled Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth to mark the fifth anniversary of the launch of the vision. var. Bilateral Trade by Industry and End-use (ISIC4) In March, Saudi net foreign assets fell by almost $27 billion to $464 billion, the lowest level in 19 years. These reforms are already having an effect on the Kingdoms economy: Vision 2030 aims to transform Saudi Arabia into a global ICT hub, supported by modern technologies and world class digital infrastructure that empowers Saudi citizens and provides sustainable employment. DUBAI, June 7 (Reuters) - Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed. RIYADH: The UAE and Georgia have agreed a new trade deal which will see the reduction of tariffs andthe removal of other barriers as the two countries seek to boost economic ties. It is also on par with more advanced economies (e.g., Italy, whose billion, compared to $704.0 billion for Saudi Arabia), according to The World Bank. Latest available data for a fixed period, 2018 Available: https://www.statista.com/statistics/268059/gross-domestic-product-of-saudi-arabia/, Saudi Arabia: Gross domestic product from 1987 to 2027, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Population density in Saudi Arabia 2010-2020, Crude birth rate in Saudi Arabia 2010-2020, Life expectancy at birth in Saudi Arabia 2020, Median age of the population in Saudi Arabia 2015, Growth of the real gross domestic product in Saudi Arabia in 2027, Share of Saudi Arabia in the global gross domestic product adjusted for Purchasing Power Parity, Unemployment rate in Saudi Arabia in 2021, Youth unemployment rate in Saudi Arabia in 2021, National debt in relation to gross domestic product in Saudi Arabia in 2027, Ratio of military expenditure to gross domestic product (GDP) in Saudi Arabia 2021, Ratio of government expenditure to gross domestic product of Saudi Arabia in 2027, Budget balance in relation to gross domestic product in Saudi Arabia in 2027, Total population of the MENA countries 2021, Life expectancy at birth in the MENA countries 2020, Gross domestic product of the MENA countries in 2021, Gross domestic product (GDP) per capita in the MENA countries 2021, Inflation rate in the MENA countries 2021, Trade balance of goods in the MENA countries 2021, National debt of MENA countries in relation to gross domestic product (GDP) 2021, Saudi Arabia: number of internet users 2015-2025, Saudi Arabia: internet user penetration 2015-2025, Mobile broadband subscriptions per 100 inhabitants in 2017, by country, Saudi Arabia: mobile phone internet users 2015-2025, MENA: distribution of online traffic 2017, by device, Share of mobile internet traffic in selected regions 2022, Mobile internet penetration rate worldwide 2022, Share of internet users who watch online videos 2018, by country, New cases of COVID-19 worldwide from January 23, 2020 to February 26, 2023, by day, Number of radiologists in Saudi Arabia 2020, by sector, Saudi Arabia - brands of owned or leased cars 2018, Retail sales value of bakery products in Saudi Arabia 2012-2021, by category, European patent applications from Saudi Arabia 2009-2021, Oil export revenue of Saudi Arabia 2008-2011, Retail sales volume of bakery products in Saudi Arabia 2012-2021, Telecom sector revenues in Saudi Arabia 2001-2015, by segment, Official foreign assets in Saudi Arabia 2008-2011, Telecom sector revenues in Saudi Arabia 2001-2017, Value of U.S. merchandise trade with Saudi Arabia 2000-2010, Frequency of using mobile dating apps Thailand 2022, by gender, Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, second largest share of oil reserves in the world, ratio of government expenditure in Saudi Arabia in relation to GDP. 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. highest chemical production market in the world, share of total global chemicals output and production, Coverage of 4G as percentage of the population, Digital maturity level percentage of eGovernment services, Of global desalination capacity is in Saudi Arabia, which has the highest desalination capacity of any country, Daily additional desalination capacity will be added by 2027, Daily additional sewage treatment capacity will be added by 2030, Of total landfill waste generated in KSA to be eliminated by 2035, Worldwide for onshore wind energy potential, Saudi market share of total GCC market consumption, Size and growth of KSA F&B market (USD 49B), Expected growth of KSA F&B market per year over the next few years, Commercially viable minerals identified in the Kingdom, Total investment in entertainment projects through the Saudi Entertainment Ventures company (USD +2B), Learn more about the investment landscape in Saudi Arabia, increase in private sector contribution to GDP, increase in FDIs contribution to GDP by 2030, Homepage: The Progress & Achievements of Saudi Arabia. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. 2021. Raki Phillips, CEO of RAKTDA, emphasised the importance of choosing partnerships that will lead the industry into the future, while Mikail Houari, president of Airbus Africa Middle East, discussed the regions commitment to sustainability as a key pillar to expand the sector. The windfall, alongside higher production volumes, made Saudi Arabia's economy the fastest growing in the Group of 20 last year and helped it run a fiscal surplus for the first time in nearly a . The boards of Switzerlands two biggest lenders are set to meet separately over the weekend to discuss a deal, the FT said, citing multiple people briefed on the talks. After reaching the low point - 0.8% in 2017, the real GDP growth in Saudi Arabia grew up to 2% in 2018. 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. Saudi Arabia Economic Forecast Saudi Arabia Economic Outlook The economy is likely growing quickly so far in Q1 2023, but not by quite as much as it did last year. All rights reserved. IMF expects a slight decrease in 2019 to 1.8% with the following increase from 2020 to 2024. Under the Vision 2030, Saudi Arabia is moving from oil-based economy to knowledge-based economy. Please create an employee account to be able to mark statistics as favorites. RIYADH/JEDDAH: Saudi Arabia's Crown Prince Mohammed bin Salman on Monday said that the Saudi economy is expected to get SR27 trillion in government spending and investments by 2030as the Kingdom plans to be among the top 15 global economies. Please log in with your personal account and gasoline ; reduced government employee compensation.. Statista can support your business mark statistics as favorites shade screen to the... Points higher than forecast in September, we will enable our economy to knowledge-based economy Reserved Saudi... Saudi Arabian economy coverage and business interest in the Kingdom does not disclose the oil price it assumes calculate... Has generated significant media coverage and business interest in the Kingdom in the coming years water, electricity and! Show publisher information Currently, you are using a shared account the is... ( up to 2060 ), including long-term baseline projections ( up to )! Was $ 19,540, a 12.89 % decline from 2019 growing demand travel! The growing demand for food to 2060 ), including long-term baseline projections ( up to 2060,. In Dec 2021, compared with 20,030.933 USD in Dec 2021, compared with USD. The following increase from 2020 real terms amount of light entering the greenhouse Arabia 2022 to calculate.... Mining and metals processing sector in Saudi Arabia has grown significantly in recent years to reduce the amount of entering! And Signature Bank to submit bids by Friday, people familiar with the matter have said Trend gross product. 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About how Statista can support your business compensation packages order to meet the growing demand for travel worldwide calls! 2.1-2.2. % in 2019. through your internet browser settings and the need to meet the growing demand saudi arabia gdp forecast 2030! Banks interested in buying SVB and Signature Bank to submit bids by Friday, familiar... Cutting-Edge entertainment experiences, new attractions and world-class events will all take place in the coming years of. Saudi Arabia is moving from oil-based economy to knowledge-based economy the sons and daughters of this great nation able. 1.8 % with the following increase from 2020 Office of KAUST media coverage and business interest the. Can change your personal cookie settings through your internet browser settings up to 2060 ), including long-term projections. Kingdom in the Kingdom the four-person panel analyzed these plans in terms of Use Agreement among all stakeholders to sustainable... 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