Non-oil activities in the Kingdom reached a historic milestone in 2023, contributing 50% to the Real GDP, the highest level ever recorded. This data was analyzed by the Ministry of Economy and Planning based on reports from the General Authority for Statistics.
The non-oil economy in the Kingdom grew to SAR 1.7 trillion, fueled by increased investment, consumption, and exports.
The record-breaking non-oil GDP rate was achieved through significant growth in real non-government investment over the past two years, with a growth rate of 57%, reaching a value of SAR 959 billion in 2023.
The arts and entertainment sectors experienced exceptional growth of 106% in 2021/2022, while other sectors like food & accommodation grew by 77%, and transportation and communications by 29%.
The diversity of contribution and growth momentum in non-oil activities during 2023 was remarkable. Social services, such as health, education, and entertainment, saw a growth of 10.8%, followed by transportation and communications at 7.3%, and trade, restaurants, and hotels at 7%.
Service exports, particularly from incoming tourists, saw historic growth rates over the last two years, increasing by 319%. This reflects the Kingdom’s transformation into a global tourism and entertainment destination, contributing to economic diversification and sustainable growth.
These achievements align with the goals of Saudi Vision 2030 to diversify growth engines and implement programs and projects that support sustainable economic development.
