Saudi Arabia's Non-Oil Sector Reaches 49.9% of GDP in 2023

KSA, 02 October, 2024 : Non-oil activities accounted for 49.9% of Saudi Arabia's GDP in 2023, reflecting a 4.4% growth, according to the Financial Stability Report 2024 by the Saudi Central Bank (SAMA). The report highlighted the resilience of the Saudi economy, bolstered by a strong financial sector amid global uncertainties.

The report emphasized the Kingdom’s progress toward Vision 2030 goals, with increased diversification efforts contributing to the rise in non-oil GDP. The banking sector remained robust, with a capital adequacy ratio of 20.1%, while corporate credit grew 13.2%.

Non-banking financial institutions also saw growth, with lending by finance companies rising 12.3% to SR84.7 billion. SAMA continues to support innovative payment solutions and a secure financial environment.

Source : www.saudigazette.com.sa