Saudi Arabia releases updated GDP data highlighting expanded non-oil sector contribution
Saudi Gazette report
RIYADH — Minister of Economy and Planning and Chairman of the General Authority for Statistics (GASTAT), Faisal Al-Ibrahim, announced that the newly released update to Saudi Arabia's Gross Domestic Product (GDP) marks a major strategic milestone in the Kingdom's economic transformation.
The comprehensive revision, conducted by GASTAT, enhances the accuracy and transparency of national economic data and reflects international best practices. It enables better measurement of emerging sectors such as fintech, logistics, sports, the creative economy, and entertainment.
'The updated GDP measurement reflects the Kingdom's ongoing transformation and the momentum of economic diversification,' Al-Ibrahim said.
'Improved coverage of high-growth sectors allows for a more accurate economic picture and strengthens the case for targeted policy and investment decisions.'
The revision revealed that non-oil activities now account for 53.2% of GDP — a 5.7 percentage point increase from earlier estimates — underscoring the expanding role of non-oil sectors in the economy. In the first quarter of 2025 alone, non-oil activities grew by 4.2%.The update was based on extensive fieldwork and administrative data, including visits to 2.4 million sites, 122,000 households, and more than 880,000 agricultural holdings. It also involved over 60 administrative data sources and expanded the classification of economic activities from 85 to 134 categories.Notable growth was recorded in key sectors: construction surged by 61%, wholesale and retail trade, restaurants, and hotels by 29.8%, and transportation, storage, and communications by 25.6%.Al-Ibrahim emphasized that these changes align with Saudi Vision 2030's objectives to diversify the economy, strengthen private sector participation, and enhance the Kingdom's global competitiveness.'The Kingdom's economic outlook is positive, driven by structural reforms, strategic projects, and improved data systems. Regular updates to our statistics are vital to ensuring accurate, transparent information for policymakers, investors, and the broader public,' he concluded.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
a day ago
- Asharq Al-Awsat
GASTAT Announces 1,673,230 Pilgrims for Hajj
The General Authority for Statistics (GASTAT) announced on Thursday that a total of 1,673,230 pilgrims are performing Hajj. Of these, 1,506,576 arrived from abroad, while 166,654 are from within the Kingdom, including both citizens and residents. According to a GASTAT press release, male pilgrims, both internal and external, totaled 877,841, while female pilgrims numbered 795,389. GASTAT also revealed that 1,435,017 pilgrims arrived in the Kingdom via airports, 66,465 through land border crossings, and 5,094 via seaports. GASTAT's methodology for these statistics relies primarily on administrative records from the Ministry of Interior. This approach, which has been consistently adopted over the past five years, aims to provide high-accuracy and reliable register-based data for Hajj statistics, utilizing a standardized model with several key components. As the Kingdom's official statistical authority, GASTAT is the exclusive provider of official statistics in Saudi Arabia and is entrusted with overseeing all national statistical activities, including technical supervision, conducting field surveys and research, data analysis, and managing the documentation, preservation, and tabulation of statistical information across all sectors of life in the Kingdom. On this occasion, GASTAT President Dr. Fahad Aldossari extended his sincere appreciation to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for their unwavering support and comprehensive care provided to the pilgrims.
Arab News
a day ago
- Arab News
Lulu opens new stores near holy sites to enhance pilgrim experience
Saudi Arabia is hosting millions of pilgrims for this year's Hajj, which is taking place from June 4 to 9. The Kingdom continues to ensure an organized, safe, and spiritually fulfilling experience for all pilgrims. As part of efforts to enhance pilgrim services, Lulu Group has partnered with Kidanh Development Company, under the supervision of the Royal Commission for Makkah City and the Holy Sites, to open new retail stores near key pilgrimage locations, including Mina, Arafat, and Muzdalifah. These stores are already operational, providing easy access to essential items such as food, beverages, and personal care products. The agreement was signed by Muhammed Al-Mejmaj, executive manager at Kidanh, and Bashar Naseer Al-Besher, executive administration manager of Lulu Group. The project aligns with Saudi Vision 2030, which focuses on improving quality of life and expanding private sector involvement in national development. This partnership marks a significant step toward enhancing the overall Hajj experience through effective public-private collaboration. Kidanh's development strategy includes modernizing traditional market areas near the holy sites to better serve the needs of pilgrims through modern infrastructure and organized retail services. More than 122,000 Indian pilgrims, including over 16,000 from Kerala, are performing Hajj this year. The new Lulu outlets are designed to meet the needs of this diverse and growing pilgrim community by offering trusted products in strategically located stores. Retail outlets have already opened, and shopping is underway, making Lulu one of the first major retailers to begin operating in close proximity to the holy sites. This reinforces Lulu's commitment to service excellence and community support.
Saudi Gazette
2 days ago
- Saudi Gazette
Saudi Arabia to host second WTO regional trade policy course in 2025
Saudi Gazette report RIYADH — The General Authority for Foreign Trade (GAFT) held a virtual meeting with the World Trade Organization (WTO) to discuss preparations for the second edition of the Regional Trade Policy Course (RTPC), scheduled to take place in the Kingdom in 2025. Deputy Governor for Shared Services Nasser Al-Dughaither, represented GAFT in the meeting. The meeting, included GAFT's Director General of Human Resources Hamoud Al-Malki and Director of Talent and Development Badr Al-Ajlan, focused on enhancing cooperation to organize the RTPC, improving the course's quality and outcomes, and developing specialized workshops for stakeholders involved in trade negotiations. These efforts aim to deepen participants' understanding of WTO agreements, rules, and procedures. Al-Dughaither emphasized that Saudi Arabia's three-year hosting of the RTPC reflects its global economic leadership, particularly in the Middle East, and aligns with national goals to empower regional trade policymakers and elevate their capacity to meet international trade standards. He expressed optimism about the upcoming edition, building on the success of the previous course, which featured robust scientific content and active participant engagement. The first edition of the RTPC was hosted in Saudi Arabia from October 13 to December 5, 2024, in partnership with King Saud University and the WTO. It saw participation from around 25 government officials representing nine countries, along with 12 Saudi government entities, covering over 24 training topics.
