GCC Statistical Center Commends Saudi Arabia's Economic And Social Achievements On 94th National Day

The Gulf Cooperation Council Statistical Center has commended Saudi Arabia for its impressive achievements over the past 94 years, particularly in economic, social, and international competitiveness domains. The nation has made notable progress recently, aiming to establish a prosperous and sustainable economy by leveraging its abundant resources and opportunities. This advancement aligns with the leadership's vision of placing Saudi Arabia among the world's leading countries.

Saudi Arabia is actively supporting its non-oil sectors as part of its economic diversification strategy. In 2023, non-oil activities contributed 68.4% to the GDP. The assets of commercial banks increased to $1 trillion in 2023 from $965.6 billion in 2022, reflecting a growth rate of 9.3%. Additionally, the market value of the Saudi stock exchange reached $3 trillion in 2023.

Significant advancements have been observed in the education sector across all levels. The number of school students rose to 6.1 million during the 2022/2023 academic year, up from 5.8 million in the 2018/2019 academic year, marking a growth rate of 5.3%. This development is part of broader efforts to enhance educational outcomes nationwide.

The Saudi Vision 2030 initiative has prioritized tourism as a key component of economic diversification. In 2023, Saudi Arabia welcomed 30.1 million visitors compared to 18.3 million in 2022, representing a remarkable growth rate of 65%. Visitor spending also increased significantly, reaching $40.6 billion in 2023 from $29.7 billion in the previous year, an increase of 36.6%.

Saudi Arabia is enhancing its global competitiveness through top rankings in various international reports. According to the World Competitiveness Yearbook 2024, it secured first place in several indices such as the Global Cybersecurity Index and Internet Users Index. The nation also excelled in long-term unemployment growth and social cohesion indices.

In entrepreneurship, Saudi Arabia achieved first place globally in several indicators related to business initiation ease and opportunities availability, according to the Global Entrepreneurship Monitor 2023/2024 Global Report. These accomplishments highlight Saudi Arabia's commitment to fostering an environment conducive to business innovation and growth.

Saudi Arabia's journey towards economic diversification and global competitiveness continues with significant achievements across various sectors. By focusing on non-oil industries and enhancing education and tourism, it aims to build a robust economy that aligns with its leadership's aspirations for sustainable development.

With inputs from SPA