GDP update reflects the durability of the Saudi economy

The Minister of Economy and Planning, Chairman of the Board of Directors of the General Authority for Statistics, Faisal bin Fadel Al -Ibrahim, explained that the comprehensive update of the Kingdom’s gross domestic product, which was issued by the General Authority for Statistics, is a strategic step that reflects the Kingdom’s commitment to upgrading its economic data, and enhances transparency in measuring performance.
He said: “This update comes within the framework of continuous efforts to develop statistical methodologies in line with the best international practices, noting that the positive impact of this update will contribute to improving the accuracy of measuring the size of the Saudi economy and its components, and enhances the ability of decision makers to plan based on reliable data.”
He added: “The update of the gross domestic product reflects the renewed reality in the Kingdom, and highlights the momentum of diversity and growth witnessed by the economy, as the introduction of additional economic activities within the methodology of comprehensive modernization – such as financial technology activities, creative economy, logistical services, sports and entertainment – contributed to re -evaluating the size of GDP with higher accuracy.

Economic transformations

He stressed that this update will have wide positive repercussions on the national economic performance, as it contributes to highlighting the results of economic plans, and reflects the transformations of the Saudi economy towards diversity and openness.
He explained that the updated results show a greater role for the non -oil economy, as its relative contribution increased to 53.2%, an increase of 5.7% over previous estimates, indicating that the continued growth of non -oil activities in the first quarter of 2025 AD by 4.2% reflects the flexibility of the business environment in the Kingdom, and the dynamism of development policies within the targets of Saudi Vision 2030, stressing the importance of continuous updating data To ensure the accuracy of reading economic reality and stimulating investment.
He indicated that the authority started at the beginning of 2024 AD the implementation of the comprehensive modernization project for GDP, through a package of statistical surveys, which included a visit to 2.4 million sites within the comprehensive economic survey, 122 thousand families within the family’s income and spending survey, and more than 880 thousand agricultural possession within the comprehensive agricultural survey, in addition to using more than 60 administrative data sources.
He pointed out that these inputs have enabled the preparation of latitudes and use tables more detailed, and consistent estimates of the gross domestic product in the three curricula: production, income, and spending, in addition to raising the level of classification of economic activities to 134 economic activities compared to 85 previous activities.

Various economy

Also, the comprehensive update led to an increase in the size of a number of economic activities, the most prominent of which are: construction and construction activities (61%), wholesale and retail trade, restaurants and hotels (29.8%), transportation, storage and communications (25.5%).
The Minister of Economy and Planning stressed that this step comes in light of the Saudi Vision 2030 aimed at building a more diverse and sustainable economy, as the Kingdom is witnessing remarkable progress in economic performance indicators, a rise in investment levels, and increasing the participation of the private sector, as well as the integration of efforts between the various government sectors to maximize the benefit from national resources, where the results of this work are in line with the importance of measuring the results of restructuring that the national economy is witnessing in its journey to reach Vision 2030 ambitions.
His Excellency pointed out that the economic expectations of the Kingdom are still positive, supported by structural reforms and qualitative projects led by the state in various fields, which will be reflected in the growth of non -oil domestic product and enhancing the Kingdom’s position as a regional and international economic center.
His Excellency concluded his statement by emphasizing that the continuous modernization of economic data is a basic pillar in supporting the national development process, and that the Ministry of Economy and Planning will continue to work in partnership with the General Authority for Statistics and the relevant authorities to ensure the availability of accurate and transparent data that reflects the major transformations witnessed by the Saudi economy, as well as supporting decision makers in shaping economic and social policies.