Saudi Arabia’s 2022 GDP breaks record, exceeds $1 trillion
Saudi Arabia’s government report states that it achieved its highest gross domestic product growth rate in over a decade in 2022 at 8.7% and broke its total amount record of more than $1 trillion last year.
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.
The country’s General Authority for Statistics (GASTAT) highlighted that this growth rate is the highest the kingdom has experienced in more than a decade, according to its report and to national indicators after the fourth quarter.
The data and statistics agency attributed this growth and breaking its GDP record of over $1 trillion dollars to the country’s increased economic industry diversification away from relying on oil production and exports, falling in line with the country’s 2030 vision.
Crude oil and natural gas activities remained the biggest contributor to the GDP at 32.7%, while government services followed at 14.2%.
