Saudi GDP Makes KSA 18th Richest Country Globally
Saudi GDP makes KSA 18th Richest Country in World
Global Finance Magazine said that Kingdom of Saudi Arabia reserved the 18th place on the list of the world’s richest countries in terms of Gross Domestic Product (GDP), surpassing France, Britain, Italy and Japan, reported News Now 4KSA.
Following Saudi GDP’s significant growth in 2023, it is expected to keep robustly growing in 2024.
Saudi GDP Skyrockets
Saudi Arabia has witnessed a significant surge in its Gross Domestic Product (GDP), with an impressive increase of 66% as announced by Saudi Minister of Investment Khalid Al-Falih. This remarkable growth has catapulted the Kingdom into the ranks of the top 15 world economies. This leap forward is attributed to various strategic initiatives and economic reforms under the guidance of key figures like Al-Falih.
Understanding GDP and Its Importance
Conversely, Gross Domestic Product (GDP) is a primary indicator used to gauge the health of a country’s economy. It represents the total value of all goods and services produced over a specific time period. The growth in Saudi GDP does not only indicate a thriving economy but also reflects the success of the nation’s diversification efforts, moving away from an oil-dependent economy.
Factors Behind the Surge in Saudi GDP
Accordingly, several factors have contributed to this unprecedented growth in Saudi Arabia’s GDP. Key among them is the Vision 2030 program, spearheaded by the Saudi leadership, aiming to diversify the economy and reduce dependence on oil revenue.
Furthermore, investments in non-oil sectors like tourism, and technology have played a significant role. Besides, reforms in business policies have further boosted economic growth.
Anticipated Growth in 2024
The Saudi budget 2024 has recently been announced by the Saudi Finance Ministry. The optimistic outlook for the fiscal year 2024, predicts a robust 4.4% growth in the Gross Domestic Product (GDP). This projection highlights the country’s growing economy and expansion in the post-pandemic era.
Record Revenues Set to Boost Economy
In a significant financial milestone, Saudi Arabia’s revenues for 2024 to recorded an impressive figure- $312.5 billion. This figure represents a substantial increase compared to previous years, signaling a growing economy. The increased revenues is due to government’s efficient fiscal management.
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