Saudi Arabia Expected to Join $1 Trillion+ Economies in 2022

Saudi Arabia’s economy is expected to cross the $1 trillion mark, joining the largest economies in the world as the Kingdom’s GDP is expected to soar in 2022 on the back of high oil prices.

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time this year. Saudi Arabia’s GDP is predicted by the IMF to reach 7.6% growth during 2022.

Late last month, data released by the Kingdom’s GAStat found Saudi Arabia’s GDP rose by 11.8% in the second quarter compared with the same period in 2021. In the first quarter, Saudi Arabia’s GDP grew 9.9% year-on-year.

The prediction from Oxford Economics and others comes as Saudi Arabia’s Ministry of Investment (MISA) released its 2Q 2022 Investment Highlights report, which touts over $925 million in investment deals in the second quarter of this year.

MISA says oversaw 49 major deals valued at $925 million, which are set to create around 2000 new jobs in the local economy. The report includes an opening by H.E. Ahmed AlKhateeb, Minister of Tourism, and includes a dedicated section on tourism in Saudi Arabia, looking at the latest developments and opportunities driving this dynamic sector forward.