The "Economy" monitors the achievements of the Saudi national economy to confirm the "positive" steps of Vision 2030

​In its new issue for May and June:​

The "Economy" monitors the achievements of the Saudi national economy to confirm the "positive" steps of Vision 2030​ 

​In its new issue (for May and June 2022), the Economics magazine issued by the Department of Media and Corporate Communication in Asharqia Chamber monitored several achievements that were made during the past period, to confirm, based on realistic data and evidence - the success of the plans according to which the Saudi economy is moving based on Vision 2030, through Several articles and investigative investigations, which was celebrated by the issue. 

Under the title (And the harvest has begun: Diversification is bearing fruit.. the Kingdom succeeds in joining the best models of countries to reach economic diversification), the magazine explained that the Kingdom "within six years full of external and internal challenges, achieved a great leap and represented a model worthy of study in the optimal application of paths." Economic diversification”, and moved from the rentier space to an economy that is rapidly moving towards diversification, so it increased non-oil revenues to 372 billion riyals in 2021 AD after it was in 2014 approximately 126 billion riyals, and non-oil GDP to 59% of GDP The total in 2020, foreign direct investment from 5.321 billion riyals to 17.625 billion riyals, and the number of factories increased from 7,206 to 9,984 factories until the end of 2020, and the percentage of localization in many sectors, most notably, for example, military industries increased from 2% to 8 %.​

Under the title (Fourth Quarterly Growth. The Kingdom’s Economy Achieves the Highest Quarterly Growth Rate in Eleven Years), the magazine pointed out that, “Despite what the economies of most countries of the world are witnessing from the blurry picture about growth rates in the face of the aggravation of inflationary pressures and the Russian-Ukrainian war, and what preceded them from Exceptional circumstances imposed by the Corona pandemic, the Kingdom’s economy was able to achieve the fourth quarterly growth, the highest since 2011 AD, after the decline in the repercussions of the pandemic. 2021 AD, and also compared to the fourth quarter of 2021.​​

The magazine attributed this economic growth to the state of collective growth, which was the significant rise in all economic activities, whether oil activities, whose growth reached 20.3% on an annual basis and 2.9% quarterly, in addition to the growth in non-oil activities, which grew by 3.7% on an annual basis and about 0.9% every quarter. Also, government activities recorded a growth of 2.4% on an annual basis, while they witnessed a decrease of 0.9% quarterly.

The magazine added that other economic activities also witnessed positive growth rates on an annual basis, as crude oil and natural gas activities achieved the highest annual growth rates, which amounted to 20.7% and 3.5% quarterly, followed by oil refining activities with an annual growth of 17.3%, While it witnessed a decrease of 2.7% every quarter, the activities of wholesale and retail trade, restaurants and hotels achieved growth rates of 6.3% on an annual basis and 2.5% quarterly. Crude oil and natural gas activities also achieved the highest contribution rate among the activities at current prices. It reached 32.4%, followed by government services activities with 15.3%, then wholesale and retail trade, restaurants and hotels activities with a contribution of 8.4%. The per capita GDP at current prices amounted to about 26,961 riyals in the first quarter of 2022 AD, an increase of 33.8% over the first quarter of 2021 AD and 13.6% compared to the fourth quarter of 2021 AD.​

In this regard, the magazine noted that the Kingdom’s economy grew in 2016 by 1.7%, then contracted by 0.7% in 2017, then grew by 2.4% in 2018 and by 0.3% in 2019. The main support for economic growth came In 2021, from the non-oil sector, which grew by 6.1% to reflect the efficiency of the Vision 2030 tracks in their ability to face challenges.

The magazine expected that the continuous growth figures of the GDP will be reflected in the plans of investors towards expanding further in the growing sectors, especially as economic growth drives increased investment, thus increasing jobs and reducing unemployment rates to keep pace with high growth rates while slowing growth means lower profits and a decrease in stock prices for some companies. The injection of investments is subject to increased growth.

Along the same lines and under the title (101 deals worth more than 4 billion dollars .. an investment leap in the first quarter of 2022 AD), the magazine stated that the Kingdom has become an attractive destination for investment and a major competitive business environment, and this was confirmed by the numbers and deals that the Kingdom concluded in the first quarter of this year; The report "Investment Developments in the Kingdom" issued last June by the Ministry of Investment revealed that the first quarter of this year witnessed the conclusion of about 101 investment deals worth more than $4 billion, an expected investment volume, and about 5,816 job opportunities expected to be available and that the corporate sector Emerging countries witnessed new investments amounting to about 162 million dollars, in addition to the number of new licenses for foreign investors reaching the largest quarterly increase for the seventh time in a row, recording nearly 9,383 licenses.