#Saudi GDP tops $1tn for first time as unemployment hits record low

Saudi GDP tops $1tn for first time as unemployment hits record low

Saudi Arabia's gross domestic product exceeded $1 trillion for the first time in 2022 as its economy grew by 8.7 per cent, while the unemployment rate among citizens also fell sharply, according to data estimates released by the General Authority for Statistics (Gastat).

The kingdom's GDP at constant prices reached 4.2 trillion Saudi riyals ($1.12 trillion) last year, buoyed by non-oil sector growth.

The non-oil sector contributed about 2.3 trillion riyals to the kingdom’s GDP, accounting for 61 per cent of the total, while the hydrocarbon sector added 1.61 trillion riyals, or 39 per cent, Al Rajhi Capital said in a report.

Meanwhile, the unemployment rate among Saudi citizens fell to 8 per cent in the fourth quarter of 2022, from 9.9 per cent in the third quarter, according to government data.