In a major milestone for Saudi Arabia, the non-oil sector reached a record high of 50% of the country’s real GDP in 2023. This translates to a non-oil economy worth an impressive SAR 1.7 trillion (roughly $453 billion). This achievement is driven by steady growth in investment, consumer spending, and exports.
A key contributor to this success is the surge in private-sector investment, which has grown by a remarkable 57% over the past two years, reaching a record SAR 959 billion ($254 billion) in 2023. The growth has been particularly strong in the arts and entertainment sector, which saw an exceptional 106% increase between 2021 and 2022. Other sectors like hospitality, food services, transportation, and storage have also witnessed significant growth, expanding by 77% and 29% respectively.
The diversification of the Saudi economy is further highlighted by the growth across various industries. Social services like healthcare, education, and entertainment saw a 10.8% increase, while transportation and communication grew by 3.7% and trade, restaurants, and hotels by 7%.
This positive trend aligns perfectly with the goals of Saudi Vision 2030, which emphasizes diversifying the economy to achieve sustainable growth. The success reflects the Kingdom’s effective implementation of key programs outlined in the vision, fostering the development of new sectors that drive economic expansion.
