Tourism's Contribution to Saudi Arabia's GDP Projected to Reach 17.1% in 2032

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Cindy Mutia Annur 13/06/2023 15:15 WIB

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According to the World Travel & Tourism Council (WTTC) data, the travel and tourism sector's contribution to Saudi Arabia's GDP is projected to reach 17.1% of the country's total GDP by 2032.

Contribution of Saudi Arabian Tourism to Gross Domestic Product (GDP) (2015-2032*)

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Tourism's Contribution to Saudi Arabia's GDP Projected to Reach 17.1% in 2032

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Contribution of Saudi Arabian Tourism to Gross Domestic Product (GDP) (2015-2032*)

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According to data from the World Travel & Tourism Council (WTTC), cited from the HVS Global Hospitality Services report titled *Saudi Arabia’s Tourism Landscape-Establishing a Vision*, Saudi Arabia's travel and tourism sector is projected to grow by an average of 11% annually for the next decade.

The report states that this will make Saudi Arabia the fastest-growing travel and tourism sector in the Middle East.

The total contribution of the travel and tourism sector to Saudi Arabia's gross domestic product (GDP) is estimated to reach 635 billion Saudi riyals by 2032. This amounts to approximately 17.1% of the country's total GDP in the same period.

Unlike the previous seven years, the contribution of the travel and tourism sector to Saudi Arabia's GDP tended to decline during the period 2015-2021. The sharp decline was mainly due to the Covid-19 pandemic.

HVS Global Hospitality Services stated that the increased contribution of the travel and tourism sector to Saudi Arabia's GDP will begin after a strong rebound in 2021.

"This is supported by healthier domestic demand and continued economic growth in 2022 due to increased oil production," said HVS Global Hospitality Services in its report.

Furthermore, according to the report, the increasing contribution of the travel and tourism sector to Saudi Arabia's GDP is partly supported by Saudi Vision 2030.

Vision 2030 is a strategic framework to reduce Saudi Arabia's dependence on oil, which has been the country's main source of income. Through this vision, Saudi Arabia will diversify its economy by developing public service sectors such as health, education, infrastructure, and tourism.

The vision will also receive support from the local government, enabling hospitality and tourism industry players to strongly drive its economic prospects over the next decade.

“The travel and tourism sector will be a driving force of the Saudi Arabian economy due to high investment levels and strong government support,” stated HVS Global Hospitality Services in its report.

Editor : Padjar Iswara

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."