عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023. (SPA)
Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023. (SPA)
TT
TT

Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023. (SPA)
Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023. (SPA)

Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning.
This translates to a non-oil economy valued at SAR1.7 trillion (approximately $453 billion) at constant prices, fueled by consistent growth in investment, consumer spending, and exports, the Saudi Press Agency said.
The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a remarkable growth rate of 57%. This has pushed private investment to a record high of SAR959 billion riyals ($254 billion ) in 2023.
Arts and entertainment activities led the pack with an exceptional 106% growth between 2021 and 2022. Other sectors like accommodation, food services, transportation, and storage also witnessed robust growth, expanding by 77% and 29%, respectively.
The growth in non-oil activities during 2023 is noteworthy for its diversity and momentum across various sectors. Social services, including healthcare, education, and entertainment, saw a 10.8% increase, followed by transportation and communication (3.7%) and trade, restaurants, and hotels (7%).
Real service exports, primarily driven by tourist spending, have skyrocketed over the past two years, experiencing a growth rate of 319%. This reflects the significant impact of Saudi Arabia's transformation into a global tourism and entertainment destination, further propelling economic diversification and growth engines.
This surge aligns perfectly with the objectives of Saudi Vision 2030, which aims to achieve a thriving economy by diversifying growth drivers. It also underscores the Kingdom's success in implementing key programs and projects outlined in the vision, fostering the development of new sectors that contribute to higher growth rates.

Most Viewed

 
 
Business

Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
TT

Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices soared to near three-month highs on Wednesday, trading below its record peak, fuelled by a soft dollar and lack of clarity around US President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Spot gold added 0.3% to $2,753.79 per ounce as of 9:45 a.m. ET (1445 GMT). Prices were at their highest since Oct. 31 when they hit their all-time-high of $2,790.15.

US gold futures gained 0.2% to $2,764.80.

The dollar index dipped to a more-than-three-week low, making greenback-priced bullion less expensive for holders of other currencies, Reuters reported.

"There are uncertainties with proposed tariffs and other things, and gold typically does well when there's a large or even a moderate amount of uncertainty in the market, it's a natural place where people gravitate to," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the US Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.

Trump has not provided many details about his proposed tariffs, making investors question the aggressiveness of the move, and the depth of its potential impacts.

"(Trump) has been perhaps just a shade less hawkish on tariffs as feared which helps - less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts," said Tai Wong, an independent metals trader.

Spot silver fell 0.6% to $30.68, but hovered near a one-month high hit on Jan. 16.

Platinum rose 0.3% to $946.50 and palladium gained 1.9% to $975.27.