RIYADH — Minister of Economy and Planning and Chairman of the General Authority for Statistics (GASTAT), Faisal Al-Ibrahim, announced that the newly released update to Saudi Arabia's Gross Domestic Product (GDP) marks a major strategic milestone in the Kingdom's economic transformation. The comprehensive revision, conducted by GASTAT, enhances the accuracy and transparency of national economic data and reflects international best practices. It enables better measurement of emerging sectors such as fintech, logistics, sports, the creative economy, and entertainment. "The updated GDP measurement reflects the Kingdom's ongoing transformation and the momentum of economic diversification," Al-Ibrahim said. "Improved coverage of high-growth sectors allows for a more accurate economic picture and strengthens the case for targeted policy and investment decisions." The revision revealed that non-oil activities now account for 53.2% of GDP — a 5.7 percentage point increase from earlier estimates — underscoring the expanding role of non-oil sectors in the economy. In the first quarter of 2025 alone, non-oil activities grew by 4.2%. The update was based on extensive fieldwork and administrative data, including visits to 2.4 million sites, 122,000 households, and more than 880,000 agricultural holdings. It also involved over 60 administrative data sources and expanded the classification of economic activities from 85 to 134 categories. Notable growth was recorded in key sectors: construction surged by 61%, wholesale and retail trade, restaurants, and hotels by 29.8%, and transportation, storage, and communications by 25.6%. Al-Ibrahim emphasized that these changes align with Saudi Vision 2030's objectives to diversify the economy, strengthen private sector participation, and enhance the Kingdom's global competitiveness. "The Kingdom's economic outlook is positive, driven by structural reforms, strategic projects, and improved data systems. Regular updates to our statistics are vital to ensuring accurate, transparent information for policymakers, investors, and the broader public," he concluded.
