Saudi SMEs' contribution to GDP accelerates 45% in 5 years

Riyadh – Mubasher: The contribution of the small and medium-sized enterprises (SMEs) to the Saudi gross domestic product (GDP) has surged 45% since Vision 2030 was launched five years ago, according to official figures.

During the period from 2016 until 2018, the SMEs’ contribution to the GDP increased from 20% to 29%. Saudi Arabia has a goal to raise the contribution to 35% of GDP by 2030.

Furthermore, the number of SMEs under the Vision grew from 447,000 five years ago to 614,000 in 2020.

In addition, the SMEs’ share of bank loans rose from 2% to 8% in the 2016-2018 period, compared to a target of 11% by 2025.

Last April, Crown Prince Mohammed bin Salman revealed the achievements the Kingdom has witnessed since the Vision was launched.

 

Source: https://www.zawya.com/mena/en/business/story/Saudi_SMEs_contribution_to_GDP_accelerates_45_in_5_years-SNG_214314195/

 

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