Saudi Arabia’s gross domestic product (GDP) expanded by 23 points over the past five years (2010-2014), according to a World Trade Organisation (WTO) index.
The kingdom’s GDP was put at 123 points by the end of 2014 compared with 100 points in 2010, the statistics indicate.
The kingdom, the world’s largest oil exporter, ranks 17th among world countries in terms of the financial value of exports and 29th in terms of imports.
In terms of trade in services, the Arab Gulf country was ranked as the world’s largest 54th exporter of services and the 25th largest importer of services.
The report, published by Al-Eqtisadiah, reveals that Saudi Arabia’s exports last year amounted to $353.8 billion, accounting for 1.8 per cent of the world’s total exports trade.
As for imports, they reached $163bn comprising 0.8 per cent of the total value of imports by all world countries during 2014.
Member states of the Gulf Cooperation Council accounted for six per cent of global exports in 2014 compared with only two per cent in 1995.
According to the WTO’s report, the GCC is the world’s fourth largest trade bloc.
($1 = AED3.67, at the time of publishing)