The Ministry of Tourism in Saudi Arabia has proudly announced a groundbreaking achievement in foreign visitor spending, according to data from the Saudi Central Bank’s balance of payments. The cumulative expenditure by international visitors surpassed SR100 billion in the initial three quarters of 2023, marking an impressive 72 percent growth compared to the corresponding period in 2022.
The positive trend extends to the travel item data in the balance of payments, showcasing a surplus of approximately SR37.8 billion by the conclusion of the third quarter in 2023.
These remarkable results coincide with the complete recovery of the tourism sector in Saudi Arabia, boasting a striking 150 percent rebound compared to pre-COVID-19 levels. During this resurgence, both domestic and international tourist numbers surged at various destinations across the country.
Corroborating these achievements are reports from the World Tourism Organization, which highlight Saudi Arabia’s leading position among G20 nations in the growth rate of incoming tourists during the initial three quarters of 2023. Furthermore, the Kingdom emerged as the second-fastest-growing tourist destination globally.