Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports. There was an unprecedented performance in non-governmental investments over the past two years, with a growth rate of 57 percent, bringing their value in 2023 to a historically high level of $255 billion. Arts and entertainment led the growth in non-oil activity, more than doubling in value in 2021-2022. Other activities such as accommodation, food, transport and storage services recorded strong growth rates of 77 percent and 29 percent respectively.—AN
