Saudi Arabia’s services sector showed variability due to its oil-dependent economy. The sector’s share fluctuated from 44.1% in 1990 to a low of 30.4% in 2008, reflecting the dominance of oil revenues. However, Vision 2030 and economic diversification efforts have significantly boosted the services sector. From 2015, services rose to over 50% of GDP, peaking at 53.5% in 2016 as the government promoted tourism, financial services, and entertainment. The COVID-19 pandemic briefly raised this figure to 53.2% in 2020 due to disruptions in other sectors. By 2022, services contributed 39.8%, indicating a recalibration as the economy rebalanced post-pandemic and oil demand surged.
Find out more through related statistics on Saudi Arabia’s agriculture share in GDP, Saudi Arabia’s unemployment rate trends, Saudi Arabia’s annual GDP figures.
