2023/12/19
Even in the global economic downturn, Saudi Arabia's economic growth rate reached 7.7% in the third quarter of 2023, with strong growth in non-oil industries and domestic demand. The non-oil industry grew by 5.4% in the first half of 2023, the highest in nine years, and the Ministry of Finance estimates a full-year growth of 6%.
As of November 2023, Saudi Arabia has the lowest inflation rate among G20 countries at 1.7%. The construction initiatives in the Saudi government sector reached 70% completion in the third quarter of 2023, the highest since 2019.
Major projects are underway, including the Qiddiya esports complex and the Red Sea project, with a total value in the tens of billions of dollars. The tourism industry is experiencing significant development, with a total of 10 million visitors as of 2023, and plans to accumulate 150 million visitors by 2030.