Financial

Non-oil activities have greater role in Saudi Arabia economy

Figures for Q2 2023 show some decrease in oil income but strong performance in diversified sectors

The real GDP of Saudi Arabia grew by 1.1% in the second quarter of 2023, compared to the same period last year, according to the General Authority for Statistics (GASTAT).

Meanwhile, ‘snapshot’ estimates for the GDP in Q2 2023, issued in the report by GASTAT, showed a 5.5% increase in non-oil activities in Q2 of this year over the same period last year.

GASTAT is the only official reference for statistical data and information in Saudi Arabia; it carries out all statistical work, as well as the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyses data and information,

These figures are highly significant in that they reveal the growing importance of the non-oil sector in Saudi Arabia, as the Kingdom massively diversifies the economy via a series of government initiatives – placing far greater emphasis on its construction and enterprise sectors. This is borne out by further data from the GASTAT report, which shows the kingdom witnessed a 4.2% decrease in oil activities in Q2 2023 as compared to Q2 2022.

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