Saudi Gazette report

RIYADH — The results of the Comprehensive Economic Survey in Saudi Arabia for the year 2023 showed that total operating revenues in the business sector amounted to SR5,292 billion while total operating expenses accounted for SR2,165 billion.

The General Authority for Statistics (GASTAT) announced on Sunday the results of the survey bulletin, which included a set of key indicators that reflect the most prominent structural features of the business sector. According to the survey, compensations for employees in the sector totaled SR544.7 billion, and gross fixed capital formation reached SR867.8 billion.

The data showed that the manufacturing industry contributed 30 percent to total operating revenues, followed by mining and quarrying at 21.8 percent, and wholesale and retail trade at 16 percent. These sectors are the largest contributors to total operating revenues as they collectively accounted for 67.8 percent, followed by the rest of the economic sectors, which showed lower percentages. These included construction sector contributed 8.1 percent, while finance and insurance, information and communications, and transportation and storage contributed to 4.7 percent, 4.3 percent, and 3.2 percent respectively, while other economic activities collectively recorded about 12 percent.

The bulletin also showed that the manufacturing industry accounted for 41.5 percent of total operating expenses, followed by wholesale and retail trade at 22.3 percent, and then construction at 7.6 percent. Together, these sectors accounted for the highest percentage of total operating expenses at 71.4 percent, while other sectors had lower percentages of expenses. The information and communications sector recorded 5.1 percent, mining and quarrying 4.7 percent, finance and insurance 3.5 percent, transportation and storage 3.4 percent, while the rest of the economic activities combined amounted to 11.9 percent of total operating expenses.

Total purchases of fixed assets reached SR1.5 trillion and sales thereof reached SR646.2 billion. Wholesale and retail trade was the highest contributor to total fixed capital formation at 22.6 percent, followed by manufacturing at 22.4 percent, then mining and quarrying, and construction, at 14.9 and 12.2 percent respectively, information and communications at 5.2 percent, transportation and storage at 4.6 percent, finance and insurance at one percent, while the rest of the other economic sectors combined amounted to 17.2 percent.

According to GASTAT, the value of salaries and wages amounted to SR461.1 billion, representing 84.6 percent of the total employee compensation, while the value of benefits and allowances amounted to SR83.6 billion, constituting 15.4 percent of the total compensation.

The results of the comprehensive economic survey contributed to the formation of statistical data and indicators with a high degree of accuracy, comprehensiveness and professionalism to highlight the size of real and actual economic growth in the Kingdom, and to meet the requirements of statistical organizations, local, regional and international bodies.

It is noteworthy that the comprehensive economic survey is an integrated base for economic data, and contributes directly to providing and measuring a wide range of economic indicators. It provides accurate, updated and more detailed statistical data and indicators on establishments in the Kingdom to support decision-makers, policy-makers and investors, and enable them to develop and grow the business sector in the Kingdom.