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.
