Riyadh: The International Monetary Fund (IMF) has unveiled its Article IV Consultation Report for Saudi Arabia, showcasing the robust performance of the Kingdom's economy, particularly spotlighting the tourism sector's remarkable growth. The report identifies tourism as a pivotal component in driving the national economy forward.
According to Saudi Press Agency, international tourism saw significant expansion, which played a crucial role in mitigating some of the financial outflows from the Kingdom. This growth contributed to alleviating the slight deficit observed in the current account for 2024. The report emphasizes the tourism sector's rapid advancement as a crucial economic force, aligning with the goals set forth by Saudi Vision 2030.
In 2024, Saudi Arabia witnessed a record-breaking influx of tourists, with approximately 30 million visitors marking an eight percent increase from 2023. Furthermore, the financial impact was notable, with international tourist spending reaching SAR169 billion in 2024, which represents a 19 percent rise compared to the previous year. These statistics were detailed in the annual statistical report on the tourism sector's performance for 2024.