Saudi Arabia has announced a revenue of $453 billion from its non-oil sector, representing 50 percent of the country’s gross domestic product (GDP) in 2023.
According to the Country’s ministry of economy and planning, the figure is the highest level ever and was propelled by growth in exports, investment, and consumer spending.
The Kingdom’s private-sector investments expanded by 57 percent, reaching a record high of 959 billion Saudi Riyals ($254 billion) in 2023, while arts and entertainment, and real service exports grew in triple-digits to the tune of 106 percent and 319 percent, respectively.
The Ministry added that the figure reflected the country’s transformation into a global destination for tourism and entertainment
The agency also said Saudi’s food sector recorded a 77 percent growth, adding that transport and storage services grew by 29 percent.
While health and education recorded a growth of 10.8 percent, trade, restaurants, and hotels grew by 7 percent as well as transport and communications at 3.7 percent.
In June 2023, the Arab nation decided to reduce its oil output by one million barrels per day (bpd) — nearly half of the OPEC’s 2.2 million bpd in pledged cuts — bearing the brunt of OPEC+ production cuts over the past few years.
The growth in the non-oil sector is said to align with the country’s plan to diversify its economy, following the unveiling of the ‘Saudi Vision 2030’ by Mohammed bin Salman, Saudi Arabia’s crown prince, in 2016.
Already, Saudi Arabia’s energy firm, Aramco is said to be the world’s biggest oil company, with a market value of $2.25 trillion.
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