Hydrocarbon Dependance in KSA vs GCC Average (2005-2022)
25 March 2024•
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The Kingdom is working diligently to decrease the economy's reliance on hydrocarbons, which has dropped by 17 percentage points to an average of 22% of GDP between 2017 and 2022.
Manufacturing, tourism, and hospitality have been key sectors driving this shift. The Public Investment Fund (PIF) in accordance with the National Investment Strategy (NIS) have also been diversifying investments across various sectors, including tourism, logistics, transport, mining, and clean technology actively participating in this shift.
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