Non-oil activities in Saudi Arabia have recorded their highest contribution to real GDP in 2023, reaching 50%, according to the Saudi Press Agency. "WAS" reported that this output marks the highest historical level ever achieved by non-oil activities in Saudi Arabia, based on analyses by the Ministry of Economy and Planning of data released by the General Authority for Statistics. As a result, the total non-oil economy amounts to 1.7 trillion riyals at constant prices, driven by continued growth in investment, consumption, and exports.
"WAS" indicated that this historical contribution was achieved thanks to unprecedented performance in non-government investment over the last two years, with a growth rate of 57%, bringing the value of non-government investments to a historic high of 959 billion riyals in 2023. According to "WAS", activities in arts and entertainment led the sector with an exceptional growth rate of 106% during 2021/2022, while other activities such as accommodation, food services, transportation, and storage recorded strong growth rates of 77% and 29%, respectively.
The growth in non-oil activities in 2023 was exceptional in terms of the diversity of contributions and the dynamism of growth, with social services such as health, education, and entertainment showing growth of 10.8%, followed by transportation and communications at 7.3%, and trade, restaurants, and hotels at 7%.
"WAS" also reported that real service exports, represented by spending from inbound tourists, recorded historical growth rates over the past two years, with a compounded growth rate of 319%, reflecting the clear impact of the Kingdom's transformation into a global destination for tourism and entertainment, which supports economic diversification and growth drivers.
"WAS" pointed out that this increase aligns with the goals of Saudi Vision 2030 in achieving a prosperous economy by diversifying growth drivers and confirms the Kingdom's success in implementing the programs of the Vision and its major projects by opening new sectors that contribute to driving growth rates higher.
