Saudi Arabia's GDP Achieves Milestone, Progressing Towards Vision 2030 Goals
Saudi Arabia's economy is demonstrating strong growth dynamics as it surpasses a noteworthy milestone, with its GDP crossing the $1 trillion threshold. This achievement reflects the Kingdom's dedicated progress towards the objectives outlined in its ambitious Vision 2030 plan.
The insights, part of PwC's inaugural "Saudi Economy Watch" report, shed light on the factors propelling this economic rise. Particularly, the non-oil private sector has been the powerhouse of growth in 2023, showcasing a significant acceleration of 5.8% year-on-year in the second quarter. Remarkably, this figure represents a 13.9% increase from its 2019 levels.
The robust performance of the non-oil sector, combined with the overall GDP growth, emphasizes Saudi Arabia's continued efforts to diversify its economy and reduce dependency on oil, in line with the Vision 2030 blueprint. The nation's trajectory suggests a prosperous future and an economy poised for further growth and diversification.
