, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
Government Sector(Government, Legal & Humanity)
Filter PR by
Marking a historic achievement, non-oil activities reached 50% of Saudi Arabia's Real GDP in 2023

Riyadh- Saudi Arabia. 14 March 2024 – Non-oil activities in the Kingdom recorded their highest contribution to the Real GDP during the year 2023 at 50%, which is the highest historical level ever reached, based on the Ministry of Economy and Planning’s analysis of data issued by the General Authority for Statistics.

The Kingdom's non-oil economy reached SAR 1.7 trillion, driven by continued growth in investment, consumption, and exports.

The historic non-oil GDP rate was achieved due to an unprecedented performance in real non-government investment during the last two years with a growth rate of 57%, bringing the value of non-government investments to its highest historical level at SAR 959 billion in 2023.

Furthermore, the arts and entertainment sectors came at the forefront of activities that achieved exceptional growth of 106% during 2021/2022, while other activities grew robustly such as food & accommodation at 77%, and transportation and communications at 29%.

The growth in non-oil activities during the year 2023 was exceptional in the diversity of contribution and growth momentum. Social services, such as health, education, and entertainment, recorded a growth of 10.8%, followed by transportation and communications at 7.3%, and trade, restaurants, and hotels at 7%.

In addition, service exports, represented by the spending of incoming tourists, recorded historic growth rates during the last two years, at 319%, reflecting a clear impact of the Kingdom’s transformation into a global destination for tourism, and entertainment, and advances in economic diversification as growth engines.

This increase reflects the goals of Saudi Vision 2030, which is to achieve a prosperous economy by diversifying growth engines, and the Kingdom’s success in implementing the relevant programs and major projects, by opening new sectors that contribute to reaching sustainable and robust economic growth.

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 128759 times
PR Category : Government, Legal & Humanity
Posted on : Friday, March 15, 2024  11:11:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Saudi Minister of Communications and Information Technology ...
Next Story : Asm Global Appointed Managers of kafd Conference center in R...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
POCO Sets New Standard with Global Launch of F-Series in Dubai [33067-Views]
Panasonic Announces FY24 Business Strategy For Sustained Growth in Middle East and Africa [29963-Views]
Ajmal Perfumes Unveils Eau D'Oud- A New Standard of Elegance and Luxury [26615-Views]
Last-Minute Eid Shopping With Max Fashion's New Collection [26155-Views]
Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists In Sudan, Haiti, Mali... [25826-Views]
Urgent Call To Action To Address Historic El Niño Drought In Southern Africa [24195-Views]
Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal! [23930-Views]
Air Cargo Demand Continues Strong Growth into Q2 [23101-Views]
Get Ready to have your Summer glow-up with essence Cosmetics' summer collection 2024 [22191-Views]
IATA SAF Registry [21832-Views]
Amouage presents Rare Is The Rose, a poetic and cinematic tribute to the Omani Rock Rose [19915-Views]
Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA [18898-Views]
Cathay Pacific to launch direct flights connecting Hong Kong and Riyadh [18826-Views]
Sudan is Facing an Unprecedented Hunger Catastrophe, Say UN Agency Chiefs [17780-Views]
Dubai Civil Aviation Authority participated in Future Aviation Forum in Riyadh [16897-Views]
Porsche Becomes Third Major Manufacturer To Commit To Formula E's Gen4 Era Until At Least 2030 [16629-Views]
Celebrate Weekends With Shang Palace's Exquisite Weekend Brunch [16088-Views]
World Championship Shock In Jeddah: Great Dane Krause Stuns Defending Champion & Arab Stars Share Sp... [14825-Views]
WFP Response to new IPC Food Security Assessment on Gaza [14641-Views]
Partnership Agreement Signed between Kanoo Machinery UAE & KSA and Combilift to Revolutionize Materi... [14304-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories