According to reports Saudi Arabia’s economy has recorded an economic milestone with the non-oil sector activities touching 50 per cent of the country’s real GDP last year. The non-oil economy has been valued at approximately $453 billion and has seen significant growth in investment, exports, and consumer spending.
The private sector saw a surge of 57 per cent over the past two years, touching $254 billion in 2023. The report provided by the General Authority for Statistics and the Ministry of Economy and Planning, stated this to be the highest share ever recorded in the country’s economic activity makeup.
The kingdom’s business sector saw a growth across various segments. The Ministry of Commerce’s sector for Q4 2023 saw a rise in commercial registrations across – technology, hospitality, specialised services, goods, and tourism. Software publishing exhibited a growth of 28.8 per cent, touching over 4,009,000 records.
There was a 40.5 per cent annual growth in providing cloud computing service registrations by Q4 2023. There was also a growth in manufacturing medical instruments and activities by 28.3 per cent
The key sectors that saw a growth are arts and entertainment, which saw a 106 per cent growth between 2021 and 2022, others included – food, accommodation, transport, storage.
Healthcare, social services, and education saw a 10.8 per cent growth, transport and comms saw a 3.7 per cent growth.
