Saudi Arabia’s Non-Oil Revenue Surge to 50% of GDP

Saudi Arabia
Saudi Arabia

Saudi Arabia’s Non-Oil Revenue Surge to 50% of GDP

According to a recent report from the Saudi Ministry of Economy and Planning, non-oil revenues in the Kingdom hit a record high, accounting for approximately half of the country’s GDP.

This rapid increase was driven by the expansion of private-sector investments and the growth of various economic sectors. The report also highlighted the Kingdom’s efforts to diversify its economy, which have helped to boost non-oil revenues.

The Kingdom’s non-oil economy, valued at 1.7 trillion Saudi Riyals (453 billion U.S. dollars) at constant prices, has seen strong growth across various sectors.

Private-sector investments grew by a brisk 57% in the last year, reaching 959 billion Saudi Riyals (254 billion dollars).

This rapid expansion is driven by the growth of the retail and wholesale trade sector (6.1%), the accommodation and food services sector (12.9%), and the construction sector (8.5%).

In addition, the government’s ongoing efforts to diversify the Saudi economy have played a significant role in boosting non-oil revenues.