Saudi Arabia’s GDP estimates surpassed the $1 trillion mark (3.75 trillion riyals) for the first time in its history, bringing the country closer to achieving the Vision 2030 goals in multiple areas.
In its report on Saudi Arabia’s economic bulletin, PwC noted that women’s labor force participation in 2020 exceeded the 2030 target of 30%, and this rate rose in the first quarter of 2023 to reach 36%.
Press sources indicated that the report noted that diversifying financial revenues and expanding non-oil income sources have been among the most important trends in recent years, with revenues from non-oil sources increasing from $163 billion (611.25 billion riyals) to $411 billion (1.54 trillion riyals) in 2022, with a target of reaching $1 trillion (3.75 trillion riyals) by 2030.
The homeownership rate rose from 47% to 67% in 2022, bringing it closer to the 2030 target of 70%.
The report projected that the first residents will begin moving into «The Line» project in the Neom region by 2030, but the real growth will occur in subsequent years, with the project aiming to reach a population of 9 million by 2045.
