Private sector contribution to Saudi GDP above 43%, aim to reach 65% by 2030: Minister

Minister of Economy and Planning Faisal Alibrahim

Saudi Arabia’s private-sector contribution to gross domestic product (GDP) was slightly higher, currently at 43%, from less than 40% before Vision 2030, Minister of Economy and Planning Faisal Alibrahim stated.

At Budget Forum 2023 held today, Dec. 11, Alibrahim said Saudi Arabia targets bringing this figure to 65% by 2030.

Non-oil activities illustrate the private sector’s role, as they grew by 5.9% between Q1-Q3 2022 — the highest rate in 12 years.

By the end of Q3 2022, private investment surged by 27%. Further, the industrial and mining sectors improved by 8.8% and 6%, respectively, while the logistics services sector expanded by more than 5%.

The growth of those sectors affirmed the private sector’s growth, he said.