Riyadh – Sharikat Mubasher: Saudi Arabia’s private sector’s contribution to the country’s real gross domestic product (GDP) leveled up 3.4% year-on-year (YoY) in the third quarter (Q3) of 2023, according to a recent report by the General Authority of Statistics (GASTAT).  

commercial enterprise added SAR 322.08 billion ($85.86 billion) to the Kingdom’s output in the three months to the end of September — a 45% share of the overall figure.

This was primarily led by hospitality, manufacturing, real estate, and financial activities.

According to the report, this growth reflected the Kingdom’s efforts to foster an enabling environment with strategic planning and supportive initiatives.

It is worth noting that Saudi Arabia’s real GDP stood at SAR 719.1 billion in Q3-2023, reflecting a 4% decline from the previous year.