Saudi non-oil sectors' share increases in GDP
Non-oil activities in Saudi Arabia have achieved a historic
milestone by contributing 50 percent to the real gross domestic product (GDP)
in 2023, marking the highest level ever recorded.
This significant achievement was revealed through an
analysis conducted by the Ministry of Economy and Planning, based on data
provided by the General Authority for Statistics (GASTAT). The non-oil
economy's total worth reached SR1.7 trillion at constant prices, fueled by
sustained growth in investment, consumption, and exports.
Saudi
Arabia's non-oil sector records robust 3.6% growth in Q3
The unprecedented contribution of non-oil activities to GDP
was attributed to remarkable non-governmental investments over the past two
years, soaring by 57 percent. Consequently, non-governmental investments peaked
at SR959 billion in 2023, marking a record high.
Notable sectors experiencing exceptional growth include arts
and entertainment activities, which surged by 106 percent between 2021 and
2022. Additionally, accommodation, food, transportation, and storage services
saw robust growth rates of 77 percent and 29 percent, respectively.
IMF:
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The diversity of contribution and growth momentum in non-oil
activities during 2023 was evident. Social services, including health,
education, and entertainment, grew by 10.8 percent, followed by transportation
and communications at 7.3 percent, and trade, restaurants, and hotels at 7
percent.
Furthermore, real service exports, represented by inbound
tourist spending, witnessed historic growth rates over the past two years, with
a remarkable double growth rate of 319 percent. This reflects Saudi Arabia's
transformation into a global tourism and entertainment destination, thereby
advancing economic diversification and growth.
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These achievements align with the objectives of Saudi Vision
2030, aiming to cultivate a prosperous economy through diversification of
growth engines. They underscore the Kingdom's success in implementing the
vision's programs and major projects, fostering new sectors that contribute to
elevated growth rates.
Source: Saudi Gazette
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