Economy Minister: Non-oil activities contribute 51% to GDP

Minister of Economy and Planning Faisal bin Fadel Ibrahim stressed that accelerating economic diversification and human capital development are priorities of the Kingdom’s Vision 2030, noting that non-oil activities account for 51 percent of real domestic production during a dialogue session at the Kingdom’s Annual Meeting of New Champions held yesterday in Dalian, China.

He spoke about the rapid growth of Saudi non-oil activities since the launch of the Kingdom’s Vision 2030, during a dialogue session titled “What can we expect from future growth”.

He stated: The Kingdom of Saudi Arabia achieved the fastest economic growth rate in 2022, reaching 8.7%, and non-oil activities achieved 5.6%, and even today, the growth of non-oil activities remains strong, accounting for 51% of the real GDP, while the country’s non-oil economy comes from its oil economy.

He added that the Kingdom is halfway through its journey towards Vision 2030, and we will continue to achieve the goals we started seven years ago, with our priorities (accelerating the pace of economic diversification and improving human capital development), so we are now on the cusp of a new economic era that will witness exciting changes in the coming decades.

He stressed that the Kingdom plays an important role in the field of energy security and climate action, as it is at the forefront of producers of the cleanest carbon and hydrogen energy, and is one of the pioneers in the field of renewable energy, especially green hydrogen, solar, wind and other energy sources.

The Minister of Economy and Planning concluded his remarks by stressing the need for a comprehensive and integrated approach to address global economic challenges, noting that by adopting collaborative, innovative and comprehensive solutions, the international community can effectively address some of these challenges and reduce their severity.