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Eye of Riyadh
Tourism & Hospitality | Tuesday 2 January, 2024 9:11 am |
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Saudi Arabia's inbound tourism spending hits SAR 103B in 9M 2023

The Ministry of Tourism said that the Kingdom recorded the highest ever spending by inbound tourism until the end of Q3 2023, which reached SAR 102.6 billion, with 53% growth year-on-year (YoY).

 

The travel surplus in the balance of payments rose by 72% YoY, reaching SAR 37.8 billion at the end of Q3 2023, according to data on the travel item in the balance of payments, the ministry added.

 

The travel surplus represents the difference between the spending of those arriving to the Kingdom and those departing from it for travel purposes.

 

Meanwhile, expenses of outbound tourism amounted to SAR 64.8 billion until the end of Q3 2023, compared to SAR 45.3 billion in Q3 2022, as shown in the following table:

 

Details of Travel Spending in Balance of Payments in Q3 2023 (SAR bln)

 

9M 2022

9M 2023

Change

Spending of Inbound Tourism 

67.3

102.6

52%

Spending of Outbound Spending

45.3

64.8

43%

Surplus

+22.0

+37.8

72%

*Includes spending by Saudis and residents in the Kingdom

 

Details of Travel Spending in Balance of Payments since 2016 (SAR bln)

 

Spending of Inbound Tourism

Spending of Outbound*

Surplus/deficit

2016

41.6

62.5

(20.9)

2017

45.2

65.8

(20.6)

2018

51.7

62.4

(10.7)

2019

61.6

56.8

+4.8

2020

15.1

33.2

(18.1)

2021

14.3

45.7

(31.4)

2022

94.5

59.7

+34.8

9M 2023

102.6

64.8

+37.8

*Includes spending by Saudis and residents in the Kingdom

 

 

Source : Argaam

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