Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil activities grew by 4.4 percent YoY in 2023. Additionally, government activities in the Kingdom experienced a rise of 2.1 percent in 2023 compared to the preceding year, according to the General Authority for Statistics (GAStat).
- Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s GDP in 2023, the highest level ever. The total non-oil economy was worth SAR1.699 trillion ($453 billion) at constant prices, driven by continued growth in investment, consumption, and exports.
- Saudi Arabia’s Industrial Production Index recorded a 0.3 percent increase MoM in January, propelled by a marginal rise in mining and quarrying activity. The increase in manufacturing activities in January was fueled by a 1.7 percent surge in the production of coke and refined petroleum products.
