Non-oil activities reach highest level ever, representing 50% of Saudi GDP, in 2023

Non-oil activities reach highest level ever, representing 50% of Saudi GDP, in 2023

Saudi Gazette ReportRIYADH — Non-oil activities in Saudi Arabia recorded their highest contribution to the real gross domestic product (GDP) during the year 2023, representing 50 percent, which is the highest historical level it has ever reached.This information is based on the Ministry of Economy and Planning’s analysis of the data issued by the General Authority for Statistics (GASTAT). This brings the total value of the non-oil economy to SR1.7 trillion at constant prices, driven by continued growth in investment, consumption and exports.This historic contribution of non-oil activities was attributed to unprecedented non-governmental investments over the last two years, leaping 57 percent. Accordingly, the value of non-governmental investments reached their highest ever level at SR959 billion in 2023.Arts and entertainment activities came up in the forefront of activities that achieved exceptional growth of 106 percent during the years of 2021 and 2022, while other activities such as accommodation, food, transportation and storage services recorded strong growth rates of 77 percent and 29 percent.The growth in non-oil activities during the year 2023 was exceptional in terms of the diversity of contribution and growth momentum, as social services, such as health, education, and entertainment, recorded a growth of 10.8 percent, followed by