Non-oil economic activity in Saudi Arabia has achieved a milestone by contributing 50 percent of the country’s real gross domestic product (GDP) in 2023, Xinhua reports siting the Saudi Press Agency, Report informs referring to Azertac.
It is the highest level on record, according to the Ministry of Economy and Planning.
The non-oil economy of the Kingdom was valued at 1.7 trillion Saudi Riyals (approximately $453 billion) at constant prices, driven by steady growth in investment, consumer spending, and exports.
Private-sector investment has surged over the past two years, with a growth rate of 57 percent, reaching a record high of 959 billion Saudi Riyals ($254 billion) in 2023. Arts and entertainment sector experienced a 106 percent growth between 2021 and 2022.
Real service exports, mainly fueled by tourist spending, have soared over the past two years, with a growth rate of 319 percent.
The notable increase in non-oil activity within the economic structure is in line with the Kingdom's goal to diversify the growth drivers of its economy.