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 Actual GDP in the course of the 12 months 2023 at 50%, which is the very best historic degree ever reached, primarily based on the Ministry of Financial system and Planning’s evaluation of information issued by the Normal Authority for Statistics.

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

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

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

The expansion in non-oil actions in the course of the 12 months 2023 was distinctive within the range of contribution and development momentum. Social providers, comparable to well being, training, and leisure, recorded a development of 10.8%, adopted by transportation and communications at 7.3%, and commerce, eating places, and lodges at 7%.

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

This enhance displays the objectives of Saudi Imaginative and prescient 2030, which is to realize a affluent economic system by diversifying development engines, and the Kingdom’s success in implementing the related packages and main tasks, by opening new sectors that contribute to reaching sustainable and sturdy financial development.