Expectation of Saudi Economy to Reach 2022 Growth Rates in Upcoming Years: A Statement by the Foreign Minister

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah said the kingdom’s economy was the fastest growing in the world in 2022.

Bin Farhan said on the sidelines of the 2023 Munich Security Conference in the Federal Republic of Germany that the kingdom’s gross domestic product exceeded $2 trillion for the first time.

We have a lot of positive momentum in the region and expect us to continue to grow at a similar pace over the next five years.

He stressed that this also affects the countries of the region and will have a significant positive impact and help overcome challenges.

Data from the General Authority for Statistics in Saudi Arabia showed Kingdom real GDP growth of 5.4% in the fourth quarter of the year 2022, compared to the same period of the year 2021.

The authority specified that tale growth was due to the increase realized by the non-oil activities of 6.2%, in addition to the increase realized by the oil activities of 6.1%, and the activities of government services increased by 1.8%.

According to Authority data, seasonally adjusted real GDP in Saudi Arabia increased by 1.5% in the fourth quarter of last year, compared to the previous quarter of the same year (2022).

This increase was due to growth in non-oil assets of 1.7%, as well as an increase in government services assets of 0.5%, while oil assets recorded a decline of 0.3%.

In the last year 2022, real GDP has achieved a growth rate of 8.7% compared to the previous year 2021.

This was due to oil assets growing at a rate of 15.4%, while non-oil assets achieved a growth rate of 5.4%, in addition to government services assets growing at 2.2%.