The Kingdom of Saudi Arabia’s non-oil activities recorded their highest ever contribution to real gross domestic product (GDP) during 2023, at 50 percent.
According to a statement by the Saudi General Authority for Statistics, the total non-oil economy reached 1.7 trillion Saudi Riyals at constant prices, driven by continued growth in investment, consumption and exports.
The non-oil GDP percentage was achieved through exceptional real non-government investment performance in the past two years, the Saudi Press Agency (SPA) reported.
The value of non-government investments reached its highest ever total of 959 billion Saudi Riyals in 2023, reflecting a growth rate of 57 percent.
The arts and entertainment sector experienced significant growth, accounting for 106 percent of 2021-22’s total, followed by food and accommodation at 77 percent and transportation and communications at 29 percent
In 2023, non-oil activities experienced exceptional growth, with social services like health, education, and entertainment experiencing a 10.8 percent growth, followed by transportation and communications at 7.3 percent and trade at 7 percent.
Real service exports, represented by the spending of incoming tourists, recorded historic growth rates during the last two years, with a double growth rate of 319 percent.
This 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 aims for a prosperous economy through diversifying growth engines, with the Kingdom successfully implementing programs and projects, opening new sectors for higher growth rates.
