Saudi Arabia’s Economic Milestone: Non-Oil Activity Makes Up Half of GDP
In a recent cabinet session chaired by King Salman in Jeddah, Saudi ministers celebrated the country’s economic progress with the announcement that non-oil activity accounted for 50% of the Kingdom’s gross domestic product in 2023.
This significant achievement aligns with Saudi Arabia’s Vision 2030 objectives to achieve a prosperous economy by diversifying growth sources. The Ministry of Economy and Planning revealed that non-oil activity contributed to 50% of the GDP, marking the highest level ever recorded.
Non-governmental investments also saw exceptional performance over the past two years, with a remarkable growth rate of 57%, reaching a historic value of $255 billion in 2023. Arts and entertainment led the growth in non-oil activity, more than doubling in value during 2021-2022. Accommodation, food, transport, and storage services also recorded strong growth rates of 77% and 29% respectively.
In other news, the Cabinet praised the UN General Assembly’s adoption of a resolution on combating Islamophobia and the appointment of a UN special envoy dedicated to this cause. The ministers reiterated Saudi Arabia’s support for international efforts against extremist ideologies, promoting peace, dialogue, and coexistence among peoples.
Additionally, ministers welcomed the outcomes of the international conference organized by the Muslim World League in Makkah, focusing on “Building Bridges Between Islamic Sects.”
On a local level, ministers applauded the overwhelming participation in the fourth Saudi annual national campaign for charitable activities, raising over a billion riyals on its opening night. King Salman and Crown Prince Mohammed bin Salman both made significant contributions.
The cabinet also approved the establishment of a new regional office for the International Monetary Fund in Riyadh and designated the 27th of March as the official day for the Saudi Green Initiative.