Al-Khalaf: Non-oil activities account for 55% of Saudi GDP for first time

RIYADH - Deputy Minister of Finance Abdulmohsen Al-Khalaf revealed that non-oil activities now make up 55% of Saudi Arabia's gross domestic product (GDP), marking a significant milestone in the nation's economic history. At the World Petroleum Congress in Riyadh on Monday, Al-Khalaf highlighted this as a structural shift, attributing it to the strides made in economic diversification since the inception of Vision 2030.

He noted that non-oil government revenues have surged from around SR166 billion ($44.3 billion) in 2015 to approximately SR500 billion ($133.3 billion) currently. This substantial increase underscores the Saudi economy's resilience to economic fluctuations and its enhanced capacity to withstand shocks. Furthermore, Al-Khalaf reported that the unemployment rate among Saudi citizens has plummeted to a record low of about 6%, reflecting the effectiveness of ongoing labor market improvements and the success of initiatives aimed at fostering employment and empowering national talent.

Additionally, the deputy minister pointed to the burgeoning growth of diverse sectors such as tourism, entertainment, sports, technology, artificial intelligence, and data centers. Al-Khalaf emphasized that the reforms initiated under Vision 2030 have fortified the Saudi economy's ability to adapt to changing conditions while keeping the national agenda on track.