Saudi Arabia's Economy Reaches Milestone: Non-Oil Activity Surpasses 50% of GDP in 2023
Saudi Arabia's economy made history in 2023 as non-oil activity accounted for half of the country's gross domestic product (GDP) for the first time.
This achievement aligns with the Kingdom's Vision 2030 goals to diversify economic growth sources.
The Ministry of Economy and Planning reported that non-oil activity contributed $500 billion to the GDP, while non-governmental investments experienced a significant increase of 57%, reaching a record-breaking value of $255 billion.
The text reports on the significant growth in the non-oil sector of the economy, with arts and entertainment leading the way, increasing in value by over 100% in 2021-2022.
Other sectors, including accommodation, food, transport, and storage services, also experienced strong growth rates of 77% and 29% respectively.
The Cabinet acknowledged the UN General Assembly's adoption of a resolution against Islamophobia and appointed a special envoy to combat it.
The ministers reaffirmed the Kingdom's commitment to promoting peace, dialogue, and coexistence among peoples and combating extremist ideas.
Additionally, they welcomed the outcomes of an international conference organized by the Muslim World League in Makkah.
The text discusses local news in Saudi Arabia.
The fourth annual national campaign for charitable activities raised over a billion riyals on its opening night, with significant contributions from King Salman and Crown Prince Mohammed bin Salman.
The International Monetary Fund will establish a new regional office in Riyadh, and March 27th was designated as an official day for the Saudi Green Initiative.
The Ministry of Economy and Planning reported that non-oil activity contributed $500 billion to the GDP, while non-governmental investments experienced a significant increase of 57%, reaching a record-breaking value of $255 billion.
The text reports on the significant growth in the non-oil sector of the economy, with arts and entertainment leading the way, increasing in value by over 100% in 2021-2022.
Other sectors, including accommodation, food, transport, and storage services, also experienced strong growth rates of 77% and 29% respectively.
The Cabinet acknowledged the UN General Assembly's adoption of a resolution against Islamophobia and appointed a special envoy to combat it.
The ministers reaffirmed the Kingdom's commitment to promoting peace, dialogue, and coexistence among peoples and combating extremist ideas.
Additionally, they welcomed the outcomes of an international conference organized by the Muslim World League in Makkah.
The text discusses local news in Saudi Arabia.
The fourth annual national campaign for charitable activities raised over a billion riyals on its opening night, with significant contributions from King Salman and Crown Prince Mohammed bin Salman.
The International Monetary Fund will establish a new regional office in Riyadh, and March 27th was designated as an official day for the Saudi Green Initiative.
Translation:
Translated by AI