Non-oil sector reaches 55% of Saudi GDP for first time
Deputy Finance Minister says economic diversification has strengthened the kingdom's resilience to external shocks.
At a glance
- Non-oil activities now represent 55% of Saudi GDP, a historic first
- Non-oil government revenues have grown from 166 billion to 500 billion riyals since 2015
- Saudi unemployment rate has fallen to approximately 6%, described as a record low
- Tourism, entertainment, sports, technology and AI sectors are expanding
Non-oil activities have accounted for 55 percent of Saudi Arabia's gross domestic product for the first time in its history, according to Deputy Minister of Finance Abdulmohsen Al-Khalaf. Speaking at the World Petroleum Congress in Riyadh, Al-Khalaf described the milestone as a structural shift reflecting progress in economic diversification under Vision 2030.
Non-oil government revenues have grown to approximately 500 billion Saudi riyals from 166 billion riyals in 2015, Al-Khalaf said. The unemployment rate among Saudis has declined to approximately 6 percent, a record low. Expanding sectors include tourism, entertainment, sports, technology, artificial intelligence and data centres.
Why it matters
The shift reflects a long-term strategy to reduce economic dependence on oil exports and build resilience against market volatility.
Original reporting
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