In addition, NIS will see the share of non-oil exports in the Kingdoms GDP rise from 16 percent to 50 percent, and reduce the unemployment rate to 7 percent, he added. To this end, we will enable our economy to generate diverse job opportunities for young Saudis while attracting global talent. 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. Mirai Solar, a solar technology startup of King Abdullah University of Science and Technology, is disrupting the greenhouse market by developing foldable roof shades that not only prevent fruits, vegetables and flowers from extreme sunlight but also generate electricity to run these facilities. The cabinet then reviewed the provisions of the budget, and issued its decision regarding the revenue, expenditure and surplus. We will maximize the benefits of our exceptional geographic position, form new strategic partnerships to grow our economy, and help Saudi companies to increase exports of their products. It is expected that most sectors will expand and witness more substantial growth in the future. After reaching the low point - 0.8% in 2017, the real GDP growth in Saudi Arabia grew up to 2% in 2018. 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. Then you can access your favorite statistics via the star in the header. If you are an admin, please authenticate by logging in again. Hence, the identification of components of knowledge economy is very important to. As soon as this statistic is updated, you will immediately be notified via e-mail. Saudi Arabia gdp growth rate for 2018 was 2.51%, a 3.26% increase from 2017. So, energy efficiency in greenhouses is paramount. 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. More detail can be accessed here. Show sources information In response, the government cut subsidies on water, electricity, and gasoline; reduced government employee compensation packages . . GDP growth is forecast to slow to 3.1 percentin 2023. Gross domestic product (annual) Gross domestic product (quarterly) Composite Leading Indicators. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy. 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. The Kingdom also participates in G20 meetings and is slated to host the G20 Leaders' Summit in Riyadh in November 2020. In line with Vision 2030, we are aiming to see sector GDP contributions double by 2030. A G20 economy with a young, highly educated population of over 34 million inhabitants. 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. Under Vision 2030 household spending on entertainment is anticipated to grow from 2.9% to 6.0% of GDP, creating a SAR 30 billion market. Saudi Arabia has embarked upon an unprecedented reform agenda known as Vision 2030, which aims to create a dynamic, diverse and sustainable economy. As part of Vision 2030, a wide range of economic reforms has succeeded in: creating new business opportunities, leveraging Saudi Arabia's key strategic assets, and driving economic growth and diversification. Information on the most recent developments in the (business) ecosytem in the Kingdom of Saudi Arabia, Saudi Central Bank approves two new Fintech companies, Saudi Arabia launches Rua Al Madinah Project, Demand for tourism services in Saudi Arabia soars, Please click here to view our Terms of Use - Copyright 2017 - 2021. of 25 to the top 10 countries on the Global Competitiveness Index, To increase the Public Investment Funds assets IMF. Shares in Credit Suisse, Switzerlands second-largest bank, closed down 8 percent on Friday, with Morningstar Direct saying Credit Suisse had seen more than $450 million in net outflows from its US and European managed funds from March 13 to 15. 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 . 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, he said in the statement. The data reached an all-time high of 25,413.339 USD in Dec 2013 and a record low of . All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. The SDGs are based on the United Nations' Millennium Development Goals. (October 12, 2022). "Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. 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. Gross Domestic Product - Annual Growth Rate. In its latest Global Economic Prospects report, the World Bank expected the Saudi economy to grow by 2.3% in 2024. to 34.2 million for Saudi Arabia). 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. 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. 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. Learn more about how Statista can support your business. Credit Suisse and UBS declined to comment on the report. Show publisher information Download Historical Data 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. 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. Saudi Aramco, the world's largest public company, reported a 25 percent drop in net income in the first quarter of 2020. The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030. You only have access to basic statistics. The full attention of the Kingdom, and our Leadership, is on harnessing our potential to achieve our ambitions. 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. Statista. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. GDP long-term forecast Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. 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.. Private investment plays an essential role in realizing Vision 2030. Organisation for Economic. [Online]. Share: Global Agenda The Agenda Weekly. from 40% to 75%, To increase womens participation The deal comes as trade and investment ties between the UAE and Georgia grow, with 2022 seeing a year-on-year rise in bilateral non-oil trade of 110 percent, coming in at $468 million. The views expressed in this article are those of the author alone and not the World Economic Forum. Save as Image. Globally, Saudi Arabia continues to assume its pivotal role, under the OPEC+ structure, in resolving oil market imbalances through monthly oil production cuts of 0.4 mbpd, which started in July 2021. Since the launch of Vision 2030, we have built a foundation, during which unprecedented reforms were made in the public sectors operating model, the economy and society as a whole. 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 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. 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. 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.. The crown prince directed the ministers and officials to actively commit to implementing the budget programs and the development and social projects. The four-person panel analyzed these plans in terms of . 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 agreements included a deal between Ras Al-Khaimah Tourism Development Authority and the FTI Group in Germany to increase air connectivity between the two destinations. You need at least a Starter Account to use this feature. . IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, High-Level Summary Technical Assistance Reports, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, As Commodity Prices Surge Again, MENA Countries Can Draw Lessons from the Past, January 2023 World Economic Outlook Update. These achievements belong to the sons and daughters of this great nation. The gross domestic product (GDP) growth in Saudi Arabia in 2022 was forecasted to be four percent. The company is also manufacturing a PV system to be deployed in California around April, even as it scouts for funds to increase the scale of its operations, and this is just the beginning. After reaching the low point - 0.8% in 2017, the real GDP growth in Saudi Arabia grew up to 2% in 2018. Saudi Arabia gdp growth rate for 2020 was -4.14%, a 4.47% decline from 2019. 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. "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. The Public Investments Fund assets were projected to be SR 7 trillion by 2030. The Saudi Vision 2030 in particular has generated significant media coverage and business interest in the United States. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. ", 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. The Kingdom expects revenues of SR1.13 trillionnext year, Saudi-owned Al Arabiya TV reported. 31/12/2022. Those controls cut off both Huaweis supply of chips from US companies and its access to US technology tools to design its own chips and have them manufactured by partners. increase non-oil GDP from 16% to 50%, To raise our global ranking in the Logistics Performance Index Detailed information about the use of cookies on this website can be obtained by clicking on Terms of use. A thriving economy provides opportunities for all by building an education system aligned with market needs to give the youth the skills for the jobs of the future, and creating economic opportunities for the entrepreneur, the small enterprise as well as the large corporation. 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. 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. In April 2016, the Saudi government announced a broad set of socio-economic reforms, known as Vision 2030. By Julianne Geiger - Mar 15, 2023, 10:30 AM CDT. This is particularly important given the increasing population and the need to meet the growing demand for food. Beyond energy, Saudi Arabia continues to diversify its economy. Saudi Arabia has a vast master plan, Vision 2030, to diversify the country's economy away from hydrocarbons. 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. "Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. Ian Shine . 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. 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 . 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. 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. . It showed that the relative share of the wholesale and retail trade, restaurants and hotel or hospitality was expected to reach 16 percent of the gross domestic product (GDP) by 2030, followed by transport, storage and communication. 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. October 12, 2022. Listed below are items related to Saudi Arabia. This included the introduction of tourist visas in late 2019, with government aspirations to create . The retractable PV shade screen is typically controlled by a computerized system that uses sensors to measure the amount of light entering the greenhouse. Industrial and manufacturing sectors in particular are key to successfully achieving this diversification. %) GDP growth remains strong in Q4 A flash estimate showed that the economy grew 5.4% on an annual basis in Q4, after having expanded 8.7% in Q3. The growth of the real gross domestic product of Saudi Arabia was forecast to decrease between 2022 and 2027 by in total 4.6 percentage points. Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform. 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. Industry and Business. Organisation for Economic Co-operation and Development (OECD), Source: This will be through creating an attractive environment for local and foreign investments, in addition to the Public Investment Fund developing and unlocking new sectors. We will achieve this by leveraging Saudi Arabia's unique location and potential, attracting the best talent, and increasing global investment. 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. 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. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. 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. 95 (Edition 2014), Snapshot of data for a fixed period (data will not change even if updated on the site). The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030. 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. If all countries were to follow Saudi Arabia's approach, warming would reach over 2C and up . According to the transcript posted by Shanghai Jiao Tong University, Huawei founder Ren Zhengfei said Huawei had over the past three years replaced the 13,000 components with domestic Chinese substitutes and had redesigned 4,000 circuit boards for its products. Meanwhile, panel discussions focused on sustainable aviation fuels and the role of collaboration in strengthening the growth of the sector. 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.. 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. Social statistics. These elements include increasing the contribution of the private sector to gross domestic product (GDP), growing the governments non-oil revenues and developing the countrys renewable energy capacity, expanding the local contribution to the oil and gas sector and raising the share of non-oil exports in the non-oil GDP. The strategic relationship with the US will remain in place, given the mutual benefit that both countries derive from the partnership. These plant shelters are also vital for the countrys food security as they help increase the local production of fresh produce and reduce dependence on imported food. An ambitious nation applies of efficiency and responsibility at all levels in order to deliver the Vision, including building an effective, transparent, accountable, enabling and high-performing government. 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. 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. Long-term baseline projections, No. 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. However, greenhouses in Saudi Arabia require significant electricity to maintain optimal growing conditions in extreme weather. Established in 2019, the company manufactures retractable, semitransparent photovoltaic shade screens that convert blocked sunlight into electricity. In recent years, the Saudi government has addressed the rapidly increasing fuel consumption of its power sector by expanding the use of efficient gas plants. 31-Jan-23 Saudi Arabia Economic Growth (GDP, ann. US regulators are willing to consider having the government backstop losses at SVB and Signature Bank if it helps push through a sale, the Financial Times reported on Friday, citing people briefed on the matter. Mirai Solar has been running several pilot installations in Saudi Arabia, including Estidamah and Al-Rasheed. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. from 11.6% to 7%, Homepage: The Progress & Achievements of Saudi Arabia. All rights reserved. In the latest sign of its mounting troubles, at least four major banks including Societe Generale SA and Deutsche Bank AG have put restrictions on their trades involving the Swiss lender or its securities, according to five sources with direct knowledge of the matter. PopulationPyramid.net Population Pyramids of the World from 1950 to 2100. from 40% to 65% of GDP. By achieving these goals, it is expected that the investment-to-GDP ratio of the Kingdom will rise from 22 percent in 2019 to 30 percent in 2030, which will contribute to the growth of the Saudi economy to become one of the 15 largest economies in the world. The event concluded on Mar. Chart. He emphasized that budget surpluses will be used to boost government reserves, support national funds, and strengthen the Kingdoms financial position in the face of a global economic downturn. Saudi Arabia is using its investment power to create a more diverse and sustainable economy 03 Saudi Arabia is using its strategic . Annual GDP Growth (%) Saudi Arabia. 2030 is only 7 years away, by making very modest assumptions about economic growth and using the World Economics GDP Database it is possible to project forward economic data to 2030. 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. Visualising the World Economy to 2030. The fertility rate in Saudi Arabia is 2.274 births per woman, which is above the population replacement rate of 2.1 births per woman. Saudi Arabia has already embarked on a transformational program that will generate significant industrial growth. The kingdom's. negative economic growth. dollars)." A US-based Huawei representative did not immediately respond to a request for comment on Friday. For too long Saudi Arabias rich cultural offering has been closed to the world. Saudi Arabias inflation, which recorded 2.6 percentin 2022, is expected to fall to 2.1 percent in 2023. 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. 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. Cutting-edge entertainment experiences, new attractions and world-class events will all take place in the Kingdom in the coming years. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Increasing the contribution of SMEs to GDP from 20 to 35 percent by 2030. In 2020 following the COVID-19 pandemic, the country's GDP was expected to fall by . To use individual functions (e.g., mark statistics as favourites, set 2023, 10:30 AM CDT plan, Vision 2030 - Kingdom of Saudi Arabia is using strategic. Several pilot installations in Saudi Arabia has already embarked on a new investment era to empower and. Forecast to slow to 3.1 percentin 2023 prince directed the ministers and officials to actively to. E-Mail notices when new series and/or country items are posted on the aims intentions. Harnessing our potential to achieve the Saudi Arabian economy new attractions and world-class events will all take place in United. Investors with more and better opportunities and Economic reform based on the report 1950 to 2100. from 40 % 7. Support your business a more diverse and sustainable economy 03 Saudi Arabia to be 7! 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