But for all practical purposes, the PV shade screens are controlled by a timer, allowing the user to set specific times for the screen to retract and extend. These elements include increasing the contribution of the private sector to gross domestic product (GDP), growing the governments non-oil revenues and developing the countrys renewable energy capacity, expanding the local contribution to the oil and gas sector and raising the share of non-oil exports in the non-oil GDP. Despite the headwinds of the global economic slowdown, we are investing significantly in promising new growth economic sectors to further diversify the economy, and privatizing government services. The crown prince said that the success of the Kingdoms reforms in the operating model of the public sector and the economy contributed to the achievement of a budget surplus. Use Ask Statista Research Service, COVID-19 deaths worldwide as of February 28, 2023, by country and territory, COVID-19 cases worldwide as of February 28, 2023, by country or territory, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Feb. 28, 2023, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Feb. 26, 2023, by day, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. Please click on the link and reach out to learn more about the Saudi Vision 2030 as well as opportunities and possibilities in the Kingdom of Saudi Arabia and the initiatives of Business Start Up Saudi Arabia. Al Zeyoudi believes this deal will open up important new opportunities for the private sectors in both countries. To increase foreign direct investment RIYADH: Saudi Arabia's financial and digital sectors are flourishing as the Kingdom pushes ahead with its Vision 2030 economic diversification strategy, according to the Minister of Finance. Initiatives include adopting new technologies like 3D printing, using more prefabricated buildings, leveraging robots for construction, and providing incentives for private sector partnerships. He emphasized that budget surpluses will be used to boost government reserves, support national funds, and strengthen the Kingdoms financial position in the face of a global economic downturn. Population Pyramids: Saudi Arabia - 2030. to 34.2 million for Saudi Arabia). In 2020 following the COVID-19 pandemic, the country's GDP was expected to fall by . negative economic growth. RIYADH/JEDDAH: Saudi Arabia's Crown Prince Mohammed bin Salman on Monday said that the Saudi economy is expected to get SR27 trillion in government spending and investments by 2030 as the. Those controls cut off both Huaweis supply of chips from US companies and its access to US technology tools to design its own chips and have them manufactured by partners. The mining and metals processing sector in Saudi Arabia has grown significantly in recent years. Bilateral Trade by Industry and End-use (ISIC4) Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. Already this week, big US banks had to swoop in with a $30 billion lifeline for smaller lender First Republic, while US banks altogether sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. That surpassed a previous high set during the most acute phase of the financial crisis some 15 years ago. Further, the country is targeting an improvement of the position in global logistics, increasing travel and tourism including the capacity for pilgrimage and promoting household spending on entertainment activities. We will leverage our proximity to energy sources and our distinctive logistical offer to stimulate a new phase of industrialization and boost trade. To take this transition on, Saudi Arabia is largely relying on its Vision 2030, which incorporates three main pillars: This plan also presents three objectives to be achieved by 2030: a vibrant society, a thriving economy and revealing an ambitious nation to the world. highest chemical production market in the world, share of total global chemicals output and production, Coverage of 4G as percentage of the population, Digital maturity level percentage of eGovernment services, Of global desalination capacity is in Saudi Arabia, which has the highest desalination capacity of any country, Daily additional desalination capacity will be added by 2027, Daily additional sewage treatment capacity will be added by 2030, Of total landfill waste generated in KSA to be eliminated by 2035, Worldwide for onshore wind energy potential, Saudi market share of total GCC market consumption, Size and growth of KSA F&B market (USD 49B), Expected growth of KSA F&B market per year over the next few years, Commercially viable minerals identified in the Kingdom, Total investment in entertainment projects through the Saudi Entertainment Ventures company (USD +2B), Learn more about the investment landscape in Saudi Arabia, increase in private sector contribution to GDP, increase in FDIs contribution to GDP by 2030, Homepage: The Progress & Achievements of Saudi Arabia. Gross Domestic Income. He added that the airline is expected to add $20 billion to non-oil GDP growth . Visualising the World Economy to 2030. Earlier on Friday, SVB Financial Group said it had filed for a court-supervised reorganization, days after its former banking unit SVB was taken over by US regulators. Of late, greenhouses have been under the spotlight in Saudi Arabia, especially after Abdulrahman Al-Fadhli, the minister of environment, water and agriculture, in January approved investments worth $1.06 billion until 2025 toward the plant resources sector and greenhouses. A US-based Huawei representative did not immediately respond to a request for comment on Friday. We will continue to enable citizens and businesses to unleash their fullest potential, and we will work on diversifying the economy, supporting local content and develop innovative opportunities for the future. They were placed on your device when you launched this website. Are you interested in testing our business solutions? This is particularly important given the increasing population and the need to meet the growing demand for food. RIYADH: The UAE and Georgia have agreed a new trade deal which will see the reduction of tariffs andthe removal of other barriers as the two countries seek to boost economic ties. 2022 International Monetary Fund. Save as Image. Consumer price indices - inflation. Ren made the remarks in a talk to Chinese technology experts on Feb. 24, the university said. The surplus is equivalent to 0.4 percentof gross domestic product 0.2 percentage points higher than forecast in September. In 2021, Saudi Arabia's gross domestic product (GDP) amounted to approximately 833.54 billion U.S. dollars. Shares in Credit Suisse, Switzerlands second-largest bank, closed down 8 percent on Friday, with Morningstar Direct saying Credit Suisse had seen more than $450 million in net outflows from its US and European managed funds from March 13 to 15. If all countries were to follow Saudi Arabia's approach, warming would reach over 2C and up . The event concluded on Mar. Analysts, investors and bankers think the loan facility from the Swiss central bank which made it the first major global bank to take up an emergency lifeline since the 2008 financial crisis only bought it time to work out what to do next. The Kingdom also participates in G20 meetings and is slated to host the G20 Leaders' Summit in Riyadh in November 2020. These reforms are already having an effect on the Kingdoms economy: Vision 2030 aims to transform Saudi Arabia into a global ICT hub, supported by modern technologies and world class digital infrastructure that empowers Saudi citizens and provides sustainable employment. The remarks, which Reuters could not independently verify, provided a window into Huaweis efforts to bounce back from US trade restrictions. Under Vision 2030 household spending on entertainment is anticipated to grow from 2.9% to 6.0% of GDP, creating a SAR 30 billion market. At the same time, the vision encourages its citizens to cherish their national identity and their ancient cultural heritage and live by the Islamic principle of moderation. Vision 2030 is opening Saudi Arabia to the world, and access to new cultural and creative opportunities is unleashing a newfound appetite for collaboration. The revelations cameas the Saudi government approveda SR1.114 trillionbudget for 2023, itselfexpected to post a surplus of SR16 billion,Saudi media outlets reported. It showed that the relative share of the wholesale and retail trade, restaurants and hotel or hospitality was expected to reach 16 percent of the gross domestic product (GDP) by 2030, followed by transport, storage and communication. When the shade screen is fully extended, it blocks part of the sunlight from entering the greenhouse, and when it is retracted, it allows more sunlight to enter. The Commercial Space Payload market reports contain valuable and digestible information like customer survey responses, and social, economic, and geographical insights forecast till 2030. Detailed information about the use of cookies on this website can be obtained by clicking on Terms of use. Soon, the solar technology startup will expand beyond the horizons of the greenhouse and create solar-powered car parking spaces for electric vehicles and deploy its foldable modules on mobile shipping containers to fuel their energy needs. [Online]. This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency. Leyfus highlighted the concern of raising plants under conventional shade screens and planted the idea of a photovoltaic panel that mimics them and has the same functionality. The reports come after analysts said that Huawei showed off 5G telecommunications equipment at an industry conference in Barcelona in which all of the chips on its circuit boards had their origins obscured. To increase the private sector's contribution The program concerns the development of the infrastructure in the country and an environment required to achieve the Saudi Vision 2030. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Copy the URL to open this chart with all your selections. "We will continue to work towards a bright future, enhanced by a diversified and sustainable economy, and this strategy is one of the tributaries formed to achieve this.". The pandemic pushed the jobless rate up to 15.4% in . UN's Agenda 2030 Sustainable Development Goals (SDGs) also known as Global Goals are a set of 17 goals that aim to provide better living conditions to all. Vision 2030 recognizes this and has taken a holistic approach to developing sustainable world-class housing solutions in the Kingdom. This laid the foundations of success for the future. Cutting-edge entertainment experiences, new attractions and world-class events will all take place in the Kingdom in the coming years. The Public Investments Fund assets were projected to be SR 7 trillion by 2030. ", IMF, Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/268059/gross-domestic-product-of-saudi-arabia/ (last visited March 18, 2023), Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) [Graph], IMF, October 12, 2022. Saudi Arabia gdp growth rate for 2018 was 2.51%, a 3.26% increase from 2017. RAS AL-KHAIMAH, UAE: Three strategic multistakeholder agreements to facilitate public-private cooperation were signed during the 10th Arab Aviation Summit that concluded in the UAE, Emirates News Agency reported on Friday. dollars)." The funds arepart of theNational Investment Strategy (NIS), a key enabler to achieve the goals of the Vision 2030, he added. You agree to our use of cookies by accessing the website. A multiyear underinvestment in hydrocarbon exploration and production investment will mean that the output of many oil producers will probably decline. A paid subscription is required for full access. In April 2016, the Saudi government announced a broad set of socio-economic reforms, known as Vision 2030. He said production of circuit boards had stabilized. An ambitious vision for an ambitious nation. He added: I strongly believe that the establishment of a free trade regime between Georgia and UAE will be of benefit for both countries. Prince Mohammed added that the government intends to prioritize capital spending in the 2023 budget based on regional and sectoral strategies in line with the Kingdoms Vision 2030. The Swiss central bank stepping in was a necessary step to calm the flames, but it might not be sufficient to restore confidence in Credit Suisse, so theres talk about more measures. The healthcare sector is largely publicly financed, and in recent years the Kingdom has made significant strides in improving its healthcare infrastructure. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. Saudi Arabia gdp per capita for 2020 was $19,540, a 12.89% decline from 2019. Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform. But the Saudi economy is growing steadily. The paper emphasized evidence that economic diversification would make the economy more resilient to external demand shocks, help to create higher-skilled jobs and establish a knowledge-based economy. Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) Saudi Arabias economy is predicted to grow at 7.6% this year according to the International Monetary Funds (IMF) World Economic Outlook 2022 report. from 40% to 65% of GDP. Credit Suisse and UBS declined to comment on the report. from 3.8% to the international level of 5.7% of GDP, To rise from our current position Agriculture. The retractable PV shade screen is typically controlled by a computerized system that uses sensors to measure the amount of light entering the greenhouse. To capture it, we will build a culture that rewards determination, and nurtures the skills and opportunities to help them realize their individual potential. DUBAI: Saudi Arabia is expected to emerge as the sixth richest economy of the world in terms of per capita GDP by 2050, surpassing Canada, the United Kingdom and Switzerland, a Citibank forecast has said. A vibrant society is vital to achieving the Vision and establishing a strong foundation for economic prosperity. As part of Vision 2030, a wide range of economic reforms has succeeded in: creating new business opportunities, leveraging Saudi Arabias key strategic assets, and driving economic growth and diversification. Saudi Arabia believes its economy can decouple so much from oil that crude prices soon won't be a decisive factor in shaping fiscal policy. . Accordingly, Salman announced that Saudi Arabia will be working to increase the share of non-oil sectors in national Gross Domestic product (GDP) from 16% in 2016 to 50% in 2030 (SAR 163 billion . Mohammed Al Suwayed, CEO of Razeen Capital said: There is no details so far on what's the government spending gonna be at, but the numbers are too big, It's very ambitious.. We have long-term plans to increase our ranking among the 20 largest economies in the world. First Republic Bank ended Friday down 32.8 percent, bringing its loss over the last 10 sessions to more than 80 percent. Saudi Central Bank Indices Gross Domestic Product - Annual Growth Rate. The UAE now accounts for more than 63 percent of the total volume of Georgias trade with Arab countries, while its funding into the European country represents 5 percent of its total foreign direct investments, making the UAE Georgias sixth largest global investor. Gross Domestic Product. Industry and Business. Increasing the contribution of SMEs to GDP from 20 to 35 percent by 2030. 8.7. IMF expects a slight decrease in 2019 to 1.8% with the following increase from 2020 to 2024. The cabinet then reviewed the provisions of the budget, and issued its decision regarding the revenue, expenditure and surplus. Saudi Arabia GDP Per Capita data is updated yearly, available from Dec 1963 to Dec 2021, with an average number of 8,777.236 USD. As soon as this statistic is updated, you will immediately be notified via e-mail. Since the launch of Vision 2030, we have built a foundation, during which unprecedented reforms were made in the public sectors operating model, the economy and society as a whole. Sitting at the heart of essential trade routes connecting three continents, Saudi Arabia occupies a unique and strategically beneficial location that Vision 2030 aims to maximize by developing the Kingdom into a world leading transport & logistics hub. per year so we can fully cover the electricity needs of a mid-tech greenhouse and a certain percentage of the demand of a high-tech facility, Salvador added. The four-person panel analyzed these plans in terms of . The Ministry of Finance increased its debt ceiling from 30 percent of GDP to 50 percent. The Crown Prince indicated that investment constitutes an essential and pivotal element in the system of economic growth and sustainable development under the umbrella of the Kingdom's Vision 2030. We proposed the idea to the Technology Transfer Office of KAUST. Long-term baseline projections, No. Another goal of the strategy is positioning Saudi Arabia among the top ten economies on the Global Competitiveness Index by 2030, the Crown Prince said. from 11.6% to 7%, Homepage: The Progress & Achievements of Saudi Arabia. The data reached an all-time high of 25,413.339 USD in Dec 2013 and a record low of . All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022, "The International Monetary Fund (IMF), in its annual report (World Economic Outlook, 2022), expected that the Saudi economy will register a 7.6% growth rate this year; the highest growth rate among world economies, which include advanced economies, emerging market economies and developing economies. "Saudi Arabia: Gross Domestic Product from 1987 to 2027 (in Billion U.S. The healthcare and life sciences sector is one of the most important sectors for Saudi Arabia. The growth of the real gross domestic product of Saudi Arabia was forecast to decrease between 2022 and 2027 by in total 4.6 percentage points. By achieving these goals, it is expected that the investment-to-GDP ratio of the Kingdom will rise from 22 percent in 2019 to 30 percent in 2030, which will contribute to the growth of the Saudi economy to become one of the 15 largest economies in the world. All news about Saudi Arabia At a Glance 2023 Projected Real GDP (% Change) : 2.6* Country Population: 36.891 million Date of Membership: August 26, 1957 Article IV/Country Report: August 17, 2022 Special Drawing Rights (SDR): 15483.36 million Quota (SDR): 9992.6 million * GDP Data from January 2023 World Economic Outlook Update Country Data An ECB spokesperson declined to comment. Saudi Arabia has a vast master plan, Vision 2030, to diversify the country's economy away from hydrocarbons. Namely, Georgia can serve as a best gateway for the UAE companies to the region, with the geographic location and business environment it offers. Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars) [Graph]. A G20 economy with a young, highly educated population of over 34 million inhabitants. The successful conclusion of negotiations with Georgia represents another huge stride forward in our foreign trade agenda and signals our ambition to build a truly global network of trade partners in strategically important parts of the world, he said, adding: Georgia is an economy based on free-market principles that holds considerable promise for our exporters and investors, and we look forward to developing opportunities in priority sectors such as agriculture, transportation, tourism, renewable energy and digital trade.. According to GlobalData, the Saudi Arabian economy is expected to grow by 4.8% in 2022, compared to 2.5% real GDP growth in 2021. Meanwhile, panel discussions focused on sustainable aviation fuels and the role of collaboration in strengthening the growth of the sector. In her keynote address, Sheikha Mozah bint Marwan Al-Maktoum called for inclusivity in the aviation industry. The Biden administration last year also banned the sale of new Huawei equipment in the US. To use individual functions (e.g., mark statistics as favourites, set This overall decrease does not happen. Saudi Arabia Car Leasing Market Growth and Revenue 2023, Demand, Analysis by Trends, opportunity and Forecast 2022-2032: SPER Market Research Feb 27, 2023 These plant shelters are also vital for the countrys food security as they help increase the local production of fresh produce and reduce dependence on imported food. The potential of our younger generations is one of our most important and cherished assets. Currently, you are using a shared account. 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