Non-oil activity in Saudi Arabia now 50% of GDP
In 2023, Saudi Arabia's GDP saw the non-oil sector contribute half of its value, the highest ever, as reported by their Ministry of Economy and Planning.
Valued at $453 billion, the non-oil sector flourished due to rising investments, consumer spending, and exports. Notably, private investments surged by 57% in two years, hitting an all-time high of $255 billion in 2023.
Leading the non-oil growth, the arts and entertainment industry more than doubled in value from 2021 to 2022. The hospitality and logistics sectors also grew significantly, by 77% and 29%, respectively.
2023 marked an extraordinary year for diverse growth in non-oil sectors. Health and education services expanded by 10.8%, transport and communications by 3.7%, and trade and hospitality by 7%. Tourism, a key component of real service exports, skyrocketed by 319% within two years, highlighting the nation's move towards becoming a major tourist and entertainment hub.
This shift towards a non-oil economy aligns with Saudi Vision 2030's objective to establish a thriving economy through diversified growth engines beyond oil.
Leading the non-oil growth, the arts and entertainment industry more than doubled in value from 2021 to 2022. The hospitality and logistics sectors also grew significantly, by 77% and 29%, respectively.
2023 marked an extraordinary year for diverse growth in non-oil sectors. Health and education services expanded by 10.8%, transport and communications by 3.7%, and trade and hospitality by 7%. Tourism, a key component of real service exports, skyrocketed by 319% within two years, highlighting the nation's move towards becoming a major tourist and entertainment hub.
This shift towards a non-oil economy aligns with Saudi Vision 2030's objective to establish a thriving economy through diversified growth engines beyond oil.
Translation:
Translated by AI