Saudi Arabia leaps to 16th rank among G20 countries in terms of GDP
The country’s GDP jumped to Dh3.9 trillion, up from Dh2.5 trillion
Dubai: Saudi Arabia’s gross domestic product (GDP) increased from SAR2.6 trillion (Dh2.5 trillion) to over SAR4 trillion (Dh3.9 trillion) in XXX, bringing the country up to the 16th position among the G20 countries in terms of GDP, a top minister said.
Khalid Al-Falih, Saudi minister of investment, said during a panel discussion at the Capital Market Forum in Riyadh on February 19 that capital formation in the Kingdom showed growth since the beginning of this decade, reaching 28 per cent by the third quarter of 2023.
What is capital formation?
Capital formation is defined as the part of a country’s current output and imports that are not consumed or exported during the accounting period but are set aside as an addition to its stock of capital goods.
Al-Falih emphasised that sectors like tourism create a surplus of investment into the Kingdom, in addition to Saudi Arabia becoming a preferred destination foreign investors. Foreign direct investment stocks grew by 52 per cent since the launch of Saudi Vision 2030.
During the same panel discussion, Faisal Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning, announced that the region hiked its 100 million traveller target to 150 million by 2030.
“There is a lot of progress. Tourism, for example, is achieving its 2030 targets, and we have up it to 150 million visitors by 2030,” Al-Ibrahim said.
The Capital Market Forum started on February 19 to discuss the future of finance, evolving strategies, and innovative ideas to boost the sector’s growth.
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