Saudi Arabia’s economy is predicted to grow at 7.6% this year according to the International Monetary Fund’s (IMF) World Economic Outlook 2022 report.
Its estimates for Saudi Arabia contradict the global outlook and suggest the highest growth rate among world economies. The IMF also increased its expectations for the Saudi Arabian economy in 2023.
In comparison, the IMF lowered its global forecast for 2022 and 2023 influenced by the slowdown in growth in the three largest economies - America, China, and the European Union.
The IMF recognised the strength of Saudi Arabia’s economy and its enviable financial position. Consequently, it observed the country was making a strong recovery, supported by the rise in oil prices combined with increased production, liquidity support and the momentum of reforms including the government’s implementation of the Vision 2030.
In addition, Saudi Arabia’s total revenues reached SAR 370.4 billion (USD 98.8 billion) equivalent to a 49% year-on-year increase according to the Ministry of Finance in Saudi Arabia. The expenditures reached SAR 292.5 billion (USD 78 billion) up 16% from last year.
Oil revenue primarily led the surplus, surging 89% to SAR 250.36 billion (USD 66.8 billion) in the second quarter, while non-oil revenue during the period was up 3% to SAR 120 billion (USD 32 billion).
Similarly, the General Authority for Statistics (GASTAT) reported that Saudi Arabia registered an 83.4% increase in its overall merchandise exports to reach SAR 144.1 billion (USD 38.3 billion) in May 2022. The increase was mainly due to oil exports, which rose by SAR 59.7 billion (USD 15.9 billion) or 106% in July year-on-year. Non-oil exports, including re-exports, increased by 26.7% year-on-year in May 2022, rising to SAR 27.9 billion (USD 7.44 billion) from SAR 22 billion (USD 5.86 billion) over the same period.
Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study and Business Plan Saudi Arabia, Organizational and Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship and Partnership, Company Formation Saudi Arabia among others.
Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund...Read more
Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.
The sovereign...Read more
Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and...Read more
State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.
Saudi ministers recently discussed enhancing co-operation in trade and cultural sectors with their United Kingdom (UK) counterparts on the sidelines of the GCC Ministers of Trade and Industry meeting in...Read more
Business StartUp Saudi Arabia would like to congratulate the Kingdom of Saudi Arabia and its people on the occasion of Saudi National Day 2023!
On this day in 1932, the Sultanate of Najd and the Kingdom...Read more
Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.
According to figures released...Read more
Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.
The Shuaiba project is a partnership between Saudi...Read more