WTTC: Saudi Arabia’s journey & tourism breaks all data

The World Journey & Tourism Council’s (WTTC) 2024 Financial Affect Analysis (EIR) has revealed a record-breaking yr for Journey & Tourism in Saudi Arabia, with new data in GDP contribution, sector jobs and customer spend.

Saudi Arabia’s Journey & Tourism sector is now hovering previous all earlier data, testomony to the nation’s dedication to changing into a world tourism sizzling spot.

Final yr, the sector grew by greater than 32% to contribute a record-breaking SAR 444.3BN to Saudi’s GDP, representing 11.5% of the whole economic system. This exceeded the earlier document by nearly 30% and underscores the sector’s pivotal new position within the nation’s financial framework.

Jobs supported by the sector grew by 436,000 to succeed in greater than 2.5MN, representing nearly one in 5 jobs within the nation.

Though the roles misplaced through the pandemic have been totally recovered in 2022, right this moment’s announcement reveals sector employment in Journey & Tourism has elevated nearly 24% because the earlier peak.

Worldwide customer spending surged by nearly 57% to succeed in SAR 227.4BN, breaking the earlier document by SAR 93.6BN, whereas home customer spending grew by 21.5% to succeed in SAR 142.5BN.

Seven years forward of its goal, Saudi Arabia welcomed 100MN vacationers in 2023. At present, the nation is surging towards even higher heights and has set a extra formidable purpose of attracting 150MN vacationers by 2030.

Julia Simpson, WTTC President & CEO stated; “Saudi Arabia’s Journey & Tourism sector’s extraordinary achievements final yr mark a pivotal second in its journey in the direction of changing into a world tourism chief.

“This success is a direct results of the Kingdom’s visionary dedication to the sector, showcasing a powerful fusion of cultural heritage and revolutionary tourism initiatives. Because the sector continues to develop, it guarantees to play a vital position within the nation’s diversified financial future, whereas contributing considerably to world Journey & Tourism growth.”

Minister of Tourism of Saudi Arabia and Chairman of the Govt Council of UN Tourism, His Excellency Ahmed Al-Khateeb stated “The most recent knowledge from WTTC supplies additional proof of the speedy success we now have achieved in remodeling Saudi Arabia’s tourism business.

“Tourism is a key pillar of the Kingdom’s Imaginative and prescient 2030 financial diversification plans and we now have made nice strides selling funding within the sector – with greater than $800 billion earmarked by 2030 – in addition to creating new jobs and rising the contribution of tourism to GDP.”

What Does This Yr Look Like?

Journey & Tourism is forecast to proceed rising at tempo in 2024, with GDP contribution set to succeed in SAR 498BN, whereas jobs will enhance by greater than 158,000 jobs to succeed in almost 2.7MN.

Worldwide customer spending is projected to succeed in SAR 256BN, nearly double the earlier excessive level, and home customer spending is forecast to succeed in SAR 155.2BN

What Does the Subsequent Decade Look Like?

The worldwide tourism physique is forecasting that the sector will develop its annual GDP contribution to a staggering SAR 836.1BN by 2034, nearly 16% of the Saudi Arabian economic system, and can make use of greater than 3.6MN individuals throughout the nation, with one in 5 individuals working within the sector.

What Does the Area Look Like?

The Center Jap Journey & Tourism sector grew by greater than 25% in 2023 to succeed in nearly $460BN. Jobs reached almost 7.75MN and worldwide spending grew by 50% to succeed in $179.8BN. Home customer spending grew by 16.5% to succeed in greater than $205BN.

WTTC is forecasting that the Center Jap Journey & Tourism sector will proceed to develop all through 2024 with the GDP contribution set to succeed in $507BN. Jobs are forecast to succeed in 8.3MN, worldwide customer spending is forecast to succeed in $198BN and home customer spending is predicted to succeed in greater than $224BN.