Complex Made Simple

Saudi Arabia seeks to increase GDP per capital to SAR95,000

Over the next five years, the Kingdom targets an economic growth of 5.8 per cent

Saudi Arabia plans to increase GDP per capita to SAR95,300 in its current five-year economic development plan, which runs from 2015 through 2019.

In the previous five-year development plan (2010 to 2014), GDP per capita averaged SAR79,100, according to a report by Al-Eqtisadiah.

Over the next five years, the Kingdom – the world’s largest oil exporter – targets an economic growth of 5.8 per cent.

Furthermore, the country wants its gross domestic product to rise to SAR3.24 trillion at fixed prices by the end of 2019, the report indicates.

Noteworthy, the International Monetary Fund has recently projected in a report that the Saudi economy will expand by 3.2 per cent in the current year.

The new 2015-2019 plan seeks to achieve a growth rate of 10.2 per cent a year in terms of gross investments.

Additionally, the scheme aims to increase gross national exports by an annual average of 4.2 per cent, so they comprise 42.2 per cent of gross domestic product when the plan comes to an end.

Under the plan, the government will work to push oil and gas exports up to make up 55.6 per cent of gross domestic product and non-oil exports to 53.2 per cent by the end of the plan.

(SAR1 = AED0.98, at the time of publishing)