Riyadh March 15 2024: Saudi Arabia’s non-oil activities accounted for 50% of GDP in 2023, their highest ever level, based on the Ministry of Economy and Planning’s analysis of data issued by the General Authority for Statistics (GASTAT).
Accordingly, total non-oil economy reached SAR 1.7 trillion at constant prices, driven by continued growth in investment, consumption, and exports.
This historic contribution of non-oil activities was due to unprecedented non-governmental investments over the last two years, leaping 57%. Accordingly, the value of non-governmental investments reached their highest ever level at SAR 959 billion in 2023.
Arts and entertainment activities took the lead, achieving exceptional growth of 106% in 2021/2022. Meanwhile, other activities such as accommodation, food, transportation, and storage services recorded strong growth rates of 77% and 29%.
Social services, such as health, education, and entertainment, recorded a growth rate of 10.8%, followed by transportation and communications (3.7%), then trade, restaurants, and hotels (7%).
