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 recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque.
The project will be developed by the Rua Al-Madinah Holding Company,...Read more
Saudi Arabia has witnessed demand for tourism services increase 108% according to a recent Business Traveler report.
Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion)...Read more
Saudi Arabia`s National Industrial Development and Logistics Program (NIDLP) invested SAR 378 billion (USD 100 billion) in local industry projects according to its 2021 report.
The program was introduced...Read more
Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.
Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform.
Diversifying the economy away from hydrocarbons is an important...Read more
Artificial intelligence (AI) is estimated to contribute SAR 1.2 trillion (USD 320 billion) to the economic growth in the Middle East and North Africa (MENA) region by 2030.
The figures were derived...Read more
Saudi Arabia’s Ministry of Investment (MISA) facilitated over 100 investment contracts valued at SAR 15 billion (USD 4 billion) in the first quarter of 2022.
The investments will create over 5,800...Read more
Saudi Arabia’s Public Investment Fund (PIF) is doubling down on the gaming sector, making its fourth investment this year.
As part of the country’s economic diversification strategy in line with...Read more