Non-oil Activities Reached 50% of Saudi Arabia’s Real GDP in 2023

Non-oil actions within the Kingdom recorded their highest contribution to the Real GDP through the yr 2023 at 50%, which is the very best historic degree ever reached, based mostly on the Ministry of Economy and Planning’s evaluation of information issued by the General Authority for Statistics.

The Kingdom’s non-oil financial system reached SAR 1.7 trillion, pushed by continued progress in funding, consumption, and exports.

The historic non-oil GDP charge was achieved because of an unprecedented efficiency in actual non-government funding over the past two years with a progress charge of 57%, bringing the worth of non-government investments to its highest historic degree at SAR 959 billion in 2023.

Furthermore, the humanities and leisure sectors got here on the forefront of actions that achieved distinctive progress of 106% throughout 2021/2022, whereas different actions grew robustly comparable to meals & lodging at 77%, and transportation and communications at 29%.

The progress in non-oil actions through the yr 2023 was distinctive within the variety of contribution and progress momentum. Social companies, comparable to well being, training, and leisure, recorded a progress of 10.8%, adopted by transportation and communications at 7.3%, and commerce, eating places, and resorts at 7%.

In addition, service exports, represented by the spending of incoming vacationers, recorded historic progress charges over the past two years, at 319%, reflecting a transparent affect of the Kingdom’s transformation into a world vacation spot for tourism, and leisure, and advances in financial diversification as progress engines.

This improve displays the objectives of Saudi Vision 2030, which is to attain a affluent financial system by diversifying progress engines, and the Kingdom’s success in implementing the related packages and main initiatives, by opening new sectors that contribute to reaching sustainable and strong financial progress.