RIYADH, Jan. 27 (Xinhua) -- Saudi Arabia's economy had reached nearly 1.3 trillion U.S. dollars by 2024, with an 8-percent average annual growth rate since the launch of the national development plan Saudi Vision 2030, Minister of Investment Khalid Al-Falih said here Monday.
Al-Falih told a press conference that the beginning of 2026 marks nearly a decade since the launch of the vision, which he said has reshaped the national economy by placing diversification and private-sector empowerment at its core, according to a report published Tuesday by the state-run Saudi Press Agency.
Al-Falih pointed to key economic indicators showing the scale of the transformation, with gross domestic product expanding from 2.6 trillion Saudi riyals (about 693 billion dollars) in 2016 to 4.7 trillion riyals (nearly 1.3 trillion dollars) by 2024.
The growth has placed Saudi Arabia among the fastest-growing major economies in the world, he noted.
Total investment, measured by gross fixed capital formation, more than doubled from 2017 to 2024, Al-Falih said.
He added that several national companies established under the vision are now following growth paths similar to leading champions such as petroleum and natural gas company Saudi Aramco and chemical manufacturing company SABIC, expanding from local enterprises into global players with significant contributions to employment and economic development.
