Riyadh, December 30, 2024 — The General Authority for Statistics (GASTAT) released the results of the 2023 Comprehensive Economic Survey for Saudi Arabia on December 29, providing valuable insights into the structure and performance of the Kingdom’s business sector. The survey, a key component of GASTAT’s ongoing efforts to monitor and analyze the country’s economic landscape, highlights several notable figures, reflecting the dynamic growth and development within various industries.
According to the data, total operating revenues for businesses across all sectors in Saudi Arabia reached an impressive SAR 5,292 billion in 2023, marking a significant year-on-year increase. This substantial figure underscores the resilience and vitality of the Kingdom’s business environment, despite global economic challenges. In comparison, total operating expenditures for businesses amounted to SAR 2,165 billion, reflecting a healthy balance between income and outlay, as companies continue to invest in expansion, infrastructure, and operational efficiency.
One of the critical indicators of economic growth is the compensation for employees within the business sector, which totaled SAR 544.7 billion in 2023. This figure highlights the country’s ongoing investment in human capital and its commitment to creating job opportunities, with a particular focus on improving wages and working conditions. The data provides a clear picture of the economic importance of the labor force in driving Saudi Arabia’s business sector forward.
The survey also revealed that gross fixed capital formation (GFCF), a key measure of investment in physical assets such as machinery, buildings, and infrastructure, reached SAR 867.8 billion in 2023. This reflects robust investment in the country's long-term economic infrastructure and development projects, in line with Saudi Vision 2030, which aims to diversify the economy and reduce its dependency on oil exports by investing in non-oil sectors, including manufacturing, tourism, and technology.
These results illustrate the ongoing transformation of Saudi Arabia's economy, driven by the diversification efforts under Vision 2030, which have begun to bear fruit across various sectors. The business sector in Saudi Arabia is experiencing steady growth, supported by both public and private investments, with a clear focus on modernizing infrastructure, fostering innovation, and creating sustainable jobs for the future.
GASTAT’s 2023 Comprehensive Economic Survey serves as an essential tool for policymakers, business leaders, and investors, offering an in-depth understanding of the country's economic health. As Saudi Arabia continues to evolve into a global economic powerhouse, this data provides a strong foundation for strategic decisions aimed at maintaining long-term growth and stability across the Kingdom's dynamic business environment.