Friday, June 14, 2024

Saudi Arabia Achieves Record Breaking $118.4 Billion GDP Boost from Travel and Tourism in 2023

Saudi Arabia’s travel and tourism sector experienced significant growth in 2023, expanding by over 32% and contributing SR444.3 billion ($118.4 billion) to the country’s GDP. The World Travel and Tourism Council (WTTC) reported record achievements in terms of GDP contribution, employment, and visitor spending for the sector.

In 2023, Saudi Arabia welcomed an impressive 100 million tourists, surpassing its Vision 2030 target well ahead of schedule. This influx of visitors boosted the economy and highlighted the country’s growing appeal as a global travel destination.

The surge in tourism also had a positive impact on employment. The sector saw an increase of 436,000 jobs, bringing the total number of jobs in travel and tourism to 2.5 million. This growth in employment reflects the expanding opportunities within the industry as it continues to thrive.

International visitor spending witnessed a remarkable increase of 57%, reaching SR227.4 billion. Domestic spending also saw significant growth, rising by 21.5% to SR142.5 billion. These figures indicate a robust increase in both foreign and local travel activities within Saudi Arabia.

Looking ahead, the WTTC projects that the travel and tourism sector will contribute SR498 billion to the GDP in 2024. By 2034, this figure is expected to rise to an impressive SR836.1 billion, underscoring the long-term potential and importance of the sector to Saudi Arabia’s economy.

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