Saudi Arabia records the largest historical balance of payments surplus for the travel sector in 2023
The tourism industry in Saudi Arabia has reached unprecedented heights, driven by ongoing efforts to develop and diversify income sources. Notably, spending from inbound tourism has surged significantly, underlining the sector's robust growth.
Saudi Arabia records the largest historical balance of payments surplus for the travel sector in 2023
The Economics of Geography

Saudi Arabia records the largest historical balance of payments surplus for the travel sector in 2023

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Eurasia 15/04/2024 09:24

The tourism industry in Saudi Arabia has reached unprecedented heights, driven by ongoing efforts to develop and diversify income sources. Notably, spending from inbound tourism has surged significantly, underlining the sector's robust growth.

According to Al-Eqtisadiyah, the travel component in Saudi Arabia's balance of payments last year achieved a historic surplus of 48 billion riyals, attributed to a notable increase in inbound tourist numbers.

Last year, the spending of tourists from abroad amounted to about 135 billion riyals, a growth of 42.8 percent compared to 2022.

According to the analysis, which relied on data from the Saudi Central Bank "SAMA," the travel component in the balance of payments marked its second consecutive year of surplus, marking a significant milestone. The first surplus in this category was noted in 2019, based on data available since 2006. Moreover, the surplus in 2023 witnessed an impressive growth of approximately 38 percent.

During the first 9 months of 2023, Saudi Arabia topped the G20 countries in the growth rate of tourist arrivals, and the Kingdom ranked second among the fastest growing tourist destinations in the world.
$3.5 billion in foreign investment flows to Saudi Arabia
Government data indicated that net foreign direct investment (FDI) inflows into Saudi Arabia reached 13.1 billion riyals ($3.5 billion) in the fourth quarter of 2023, marking a 16 percent increase from the preceding quarter, during which inflows totaled 11.4 billion riyals. The kingdom hopes to attract $100 billion in foreign direct investment by 2030 to boost non-oil GDP as part of Crown Prince Mohammed bin Salman's broader strategy to diversify the economy away from heavy dependence on crude oil exports.
#Saudi Arabia
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