Discover how non-oil activities in Saudi Arabia soared to unprecedented levels, constituting 50% of the GDP in 2023. Explore insights into the surge driven by investments, consumption, and exports, aligning with the goals of Saudi Vision 2030.
In a landmark achievement, Saudi Arabia witnessed a remarkable surge in non-oil activities, reaching a historic milestone of 50% contribution to the real GDP in 2023. This significant shift, analyzed by the Ministry of Economy and Planning, underscores the Kingdom's steadfast commitment to economic diversification and growth. Here's a closer look at this groundbreaking development:
1. Unprecedented Non-Governmental Investments:
Over the past two years, non-governmental investments skyrocketed by an impressive 57%, culminating in a record-high value of SR959 billion in 2023. This surge reflects a burgeoning confidence in Saudi Arabia's economic landscape and its potential for robust growth.
2. Arts, Entertainment, and Beyond:
Leading the charge in exceptional growth were arts and entertainment activities, boasting a staggering 106% increase between 2021 and 2022. Additionally, sectors such as accommodation, food, transportation, and storage services exhibited robust growth rates of 77% and 29%, further diversifying the economy's portfolio.
3. Diverse Contribution and Growth Momentum:
The growth witnessed in 2023 was characterized by its diversity and momentum across various sectors. Social services, including health, education, and entertainment, experienced a notable growth of 10.8%. Transportation, communications, and trade sectors followed suit, recording growth rates of 7.3% and 7%, respectively.
4. Real Service Exports Surge:
Real service exports, particularly driven by inbound tourism spending, witnessed historic growth rates over the past two years, boasting a remarkable double growth rate of 319%. This surge underscores Saudi Arabia's transformation into a global tourism and entertainment hub, furthering the goals of economic diversification.
5. Aligning with Saudi Vision 2030:
This surge in non-oil activities aligns seamlessly with the objectives outlined in Saudi Vision 2030, aimed at achieving a prosperous and diversified economy. By opening new sectors and implementing visionary programs and projects, the Kingdom continues to propel growth rates upward, realizing its vision for economic prosperity.
The remarkable ascent of non-oil activities to comprise 50% of Saudi Arabia's GDP in 2023 marks a significant milestone in the Kingdom's journey towards economic diversification and prosperity. With unwavering commitment to Saudi Vision 2030, the nation paves the way for sustainable growth, cementing its position as a global economic powerhouse.
