Travel, Tourism & Hospitality
IMF highlights Saudi tourism's growing role in economy
The International Monetary Fund (IMF) has highlighted the strength of Saudi Arabia's economy in its Article IV Consultation Report 2025 for the kingdom.
The International Monetary Fund (IMF) has highlighted the strength of Saudi Arabia's economy in its Article IV Consultation Report 2025 for the kingdom.
The report noted the significant growth achieved in the tourism sector, emphasising its vital role as a key driver of the national economy, said a Saudi Press Agency report.
According to the IMF report, international tourism experienced substantial growth, which helped offset some of the outflows from the kingdom and contributed to reducing the slight deficit in the current account for 2024.
This recognition underscores the steady and rapid progress of the tourism sector in establishing itself as a significant economic engine, thereby enhancing the growth of the national economy and supporting the objectives of Saudi Vision 2030, said the SPA report.
In 2024, the number of tourists arriving in the kingdom reached a historic high of approximately 30 million, reflecting an 8 percent increase compared to 2023. Additionally, international tourist spending reached SAR169 billion in 2024, growing by 19 percent compared to 2023, as reported in the annual statistical report on the performance of the tourism sector for 2024, SPA said.