The Kingdom’s economy is strong, according to the Article IV Consultation Report for Saudi Arabia for 2025, which was released by the International Monetary Fund (IMF) on Thursday. The tourist industry has experienced substantial development, according to the report, which highlights its critical role as a major engine of the national economy.
The IMF report claims that there was a significant increase in foreign travel, which helped counteract some of the Kingdom’s outflows and lessen the small 2024 current account deficit. This acknowledgment highlights how the tourist industry has steadily and quickly established itself as a major economic engine, contributing to the expansion of the national economy and advancing the goals of Saudi Vision 2030.
Twenty-four million tourists arrived in the Kingdom in 2024, a record high that represented an eight percent increase over 2023. Additionally, according to the annual statistics report on the performance of the tourism sector for 2024, foreign visitor expenditure reached SR169 billion in 2024, up 19% from 2023.
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