Saudi Arabia GDP
Edited By Maj Hussain, Halal Incorp
Saudi Arabia has the biggest economy in the Middle East, with its GDP in 2024 reaching around $1.09 Trillion US (SR4.07 Trillion).
Throughout the decades, oil & gas have typically been the backbone of Saudi output & they still account for a big share of government revenue as well as exports.
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The Middle Eastern Kingdom’s economic performance is therefore somewhat sensitive to swings in global energy prices. To the credit of the governance of the country they have forseen this and taken action to find resoloutions.
Therefore, to reduce this dependence, Saudi Arabia has developed its Vision 2030 framework, which pushes diversification into a variety of sectors like tourism, tech, mining, logistics as well as finance.
Collosal projects like NEOM & the Red Sea developments are crucial to boosting non-oil GDP & bringing in external capital.
While the oil sector is still vital, non-oil activity is increasing steadily especially in construction, retail, services, as well as infrastructure.
Intertwined with economic reforms & increased private sector participation, Saudi Arabia is positioning itself as a regional powerhouse & a rising global super hub for innovation & sustainable growth.
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