Saudi SMEs GDP Contributions Surge 45% in Five Years
The number of SMEs grew from 447,000 to 614,000 in the same period.
Saudi Arabia’s small and medium-sized enterprises’ (SMEs) contributions to national GDP have surged by a considerable 45 percent since the kingdom’s ambitious Vision 2030 project was set in motion five years ago.
During the two-year period between 2016-18, Saudi SMEs’ contribution towards national GDP increased from 20 percent to 29 percent. The kingdom remains determined to push forward to achieve its goal of raising SMEs’ GDP contribution to 35 percent by 2030, as per the country’s vision.
In the same two-year period, SMEs’ share of bank loans rose from 2 percent to 8 percent, providing a hopeful forecast to achieve its target goal of 11 percent by 2025.