HomeEconomySaudi moves two spots in the G20 economy rankings
By Economy Middle East
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May 6, 2022 2:42 pm

Saudi moves two spots in the G20 economy rankings

Saudi registers a domestic product of $833.5 billion
Saudi
Saudi Arabia

Saudi’s economy moved to 16th place among the economies of the Group of Twenty (G20) countries in terms of GDP at current prices during 2021, with a domestic product of $833.5 billion, international data showed.

According to the Al-Eqtisadiah monitoring report, the Saudi economy moved two spots from its 2020 levels, when it ranked 18th among G-20 countries with a domestic product of $703.4 billion. 

Saudi domestic product increased by about 18.5 percent to 3.13 trillion riyals in 2021, compared to 2.64 trillion riyals in 2020, due to 51.6 percent growth in the oil sector and 4.7 percent growth in the non-oil sector.

The G20’s gross domestic product (excluding the European Union) in 2021 amounted to about $74.74 trillion, accounting for 77.6 percent of the world economy, compared to $96.29 trillion the previous year.

Moreover, the findings show that 15 G20 countries have GDPs exceeding one trillion dollars, while four have GDPs below one trillion dollars.

Globally, the United States leads the group’s economies with a GDP of $23 trillion (equivalent to 23.9 percent of global GDP), followed by China with $17.46 trillion (18.1 percent).