{"id":26075,"date":"2024-03-21T12:13:46","date_gmt":"2024-03-21T09:13:46","guid":{"rendered":"https:\/\/insightss.co\/insights\/?post_type=document&p=26075"},"modified":"2024-05-15T13:40:22","modified_gmt":"2024-05-15T10:40:22","slug":"forensic-accounting-and-fraud-preventing-2","status":"publish","type":"document","link":"https:\/\/insightss.co\/insights\/non-oil-sector-contribute-50-to-saudi-gdp\/","title":{"rendered":"Non-Oil Sector Contribute 50% to Saudi GDP"},"content":{"rendered":"

In an important milestone, the Ministry of Economy and Planning<\/strong> said on Thursday that non-oil economic activity will contribute a record-breaking 50% of Saudi Arabia’s GDP in 2023<\/strong>.<\/p>\n

The non-oil economy grew strongly, totaling $453 billion<\/strong> at constant prices, thanks to sustained investments, increasing consumption, and expanding exports.<\/p>\n

Notably, non-governmental investments increased by an astonishing 57%<\/strong> over the last two years, hitting a record high of $255 billion in 2023<\/strong>. The arts and entertainment sector emerged as a standout, with its worth more than doubling during 2021-2022. Furthermore, the housing, food services, transportation, and storage sectors experienced substantial growth rates of 77%<\/strong> and 29%<\/strong>, respectively.<\/p>\n

The rise of non-oil activities in 2023 was distinguished by its diversified contributions and momentum. Social services, comprising health and education, grew by 10.8 percent<\/strong>, followed by transportation and communications (3.7 percent)<\/strong> and trade, restaurants, and hotels (7%)<\/strong>.<\/p>\n

Furthermore, real service exports, which are mostly driven by tourist spending, have had historic growth rates of 319 percent<\/strong> over the last two years. This rise demonstrates the practical impact of Saudi Arabia’s transition into a global tourism and entertainment destination, which contributes to the country’s economic diversification initiatives.<\/p>\n

Increasing the share of non-oil economic activity in total GDP is consistent with the fundamental goal of Saudi Vision 2030<\/strong>. This vision seeks to create a successful economy by diversifying growth engines away from hydrocarbons, hence supporting long-term economic development in the Kingdom.<\/p>\n","protected":false},"excerpt":{"rendered":"

In an important milestone, the Ministry of Economy and Planning said on Thursday that non-oil economic activity will contribute a record-breaking 50% of Saudi Arabia’s GDP in 2023. The non-oil economy grew strongly, totaling $453 billion at constant prices, thanks to sustained investments, increasing consumption, and expanding exports. Notably, non-governmental investments increased by an astonishing […]<\/p>\n","protected":false},"author":4,"featured_media":26009,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"industry":[],"insight":[123],"dates":[88],"service":[],"years":[439],"class_list":["post-26075","document","type-document","status-publish","format-standard","has-post-thumbnail","hentry","insight-financial-risk-advisory","dates-march","years-439"],"acf":[],"_links":{"self":[{"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/document\/26075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/document"}],"about":[{"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/types\/document"}],"author":[{"embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/users\/4"}],"version-history":[{"count":1,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/document\/26075\/revisions"}],"predecessor-version":[{"id":27915,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/document\/26075\/revisions\/27915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/media\/26009"}],"wp:attachment":[{"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/media?parent=26075"}],"wp:term":[{"taxonomy":"industry","embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/industry?post=26075"},{"taxonomy":"insight","embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/insight?post=26075"},{"taxonomy":"dates","embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/dates?post=26075"},{"taxonomy":"service","embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/service?post=26075"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/insightss.co\/insights\/wp-json\/wp\/v2\/years?post=26075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}