Saudi Gazette Report

RIYADH — Non-oil activities in Saudi Arabia recorded their highest contribution to the real gross domestic product (GDP) during the year 2023, representing 50 percent, which is the highest historical level it has ever reached.

This information is based on the Ministry of Economy and Planning’s analysis of the data issued by the General Authority for Statistics (GASTAT). This brings the total value of the non-oil economy to SR1.7 trillion at constant prices, driven by continued growth in investment, consumption and exports.

This historic contribution of non-oil activities was attributed to unprecedented non-governmental investments over the last two years, leaping 57 percent. Accordingly, the value of non-governmental investments reached their highest ever level at SR959 billion in 2023.

Arts and entertainment activities came up in the forefront of activities that achieved exceptional growth of 106 percent during the years of 2021 and 2022, while other activities such as accommodation, food, transportation and storage services recorded strong growth rates of 77 percent and 29 percent.

The growth in non-oil activities during the year 2023 was exceptional in terms of the diversity of contribution and growth momentum, as social services, such as health, education, and entertainment, recorded a growth of 10.8 percent, followed by transportation and communications reaching 7.3 percent, and trade, restaurants, and hotels 7 percent.

Real service exports, represented by the spending of inbound tourists, recorded historic growth rates during the last two years, with a double growth rate of 319 percent, which reflects the clear impact of the Kingdom’s transformation into a global destination for tourism and entertainment, and advances the process of economic diversification and growth engines.

This increase comes in line with the goals of Saudi Vision 2030, which is to achieve a prosperous economy by diversifying growth engines, and confirms the Kingdom’s success in implementing the vision’s programs and major projects, by opening new sectors that contribute to pushing growth rates higher.