RIYADH — The operating revenues of the business sector in Saudi Arabia during the past year exceeded SR4 trillion ($1 trillion), according to official data released by the General Authority for Statistics (GASTAT) on Wednesday. The report showed that the operating revenues of the small and medium enterprises (SMEs) in the country reached about SR1.2 trillion ($337 billion). The structural business results for the previous year indicated recovery of the business sector from the effects of the coronavirus pandemic that the world witnessed over the past two years. The pandemic had effects of varying dimensions on almost all economic activities. According to the data, signs of improvement in the performance of economic activities emerged at a varying rate between sectors, from complete and noticeable recovery to partial recovery, which contributed to the advancement of the business sector again to the levels of performance in 2019, overcoming the challenges of 2020. Statistics showed that the most revenue-generating activities were registered in manufacturing, mining and quarrying, as well as wholesale and retail trade. The operating expenses of the business sector amounted to SR1.7 trillion ($465 billion), led by the manufacturing industry, followed by wholesale and retail trade, and then the construction sector. The total compensation of workers during last year reached SR388.4 billion ($103 billion). The official data stated that compared to last year, the operating revenues of business establishments increased significantly, supported by an increase in many economic activities, reaching 26 percent. There has been an increase in operating revenues in sports, leisure and entertainment activities by 36.6 percent. There was also a rise in manufacturing coke and refined petroleum products, in addition to retail trade, excluding motor vehicles and motorcycles, by 36 percent and 17 percent respectively. According to GASTAT, operating expenses in the business sector increased during the previous year by 20.9 percent compared to 2020, as a result of the rise in various economic activities. The statistics showed an increase in operating expenses in the building construction activity by 27.7 percent, and the manufacture of food products, chemicals and their derivatives by 11.8 and 49.8 percent respectively. Operating expenses in warehousing and transportation support, computer programming, consultancy and related activities decreased by 6.4 percent and 7 percent respectively. The statistics indicated that workers' compensation increased during the past year by 12 percent compared to 2020. On the other hand, there was an improvement in the performance of many economic activities that were directly affected by the pandemic, which returned during the past year to their normal levels of performance before the outbreak of COVID-19. The results pointed to an increase in the revenues of the activities of travel agencies, tour operators and reservation services by 185.5 percent, accommodation by 102.8 percent, and activities of mining and quarrying by 4.6 percent. The data showed the stability of many economic activities that were not affected by the pandemic and continued to achieve normal growth rates during the past three years, such as communications, computer programming, consulting expertise and related matters, in addition to financial services. The GASTAT also revealed the financial results of SMEs, bringing the operating revenues of this sector to SR1.2 trillion ($337 billion) last year, up by 25 percent compared to 2020. The authority stated that operating expenses amounted to SR659.5 billion ($175 billion), an increase of 33 percent, while compensation for workers in SMEs amounted to SR155.8 billion ($41.5 billion), an increase of 19 percent.
