During the first quarter of 2023, Saudi Arabia experienced a substantial increase in spending by foreign visitors, with a growth rate of 22.9% compared to the same period last year. The total spending by these visitors surpassed 45 billion riyals ($11.99 billion), resulting in a surplus of 24 billion riyals in the travel item, indicating a growth rate of over 46% compared to the same period in 2019.
According to initial data from the Saudi Central Bank on the travel item in the balance of payments, tourists from within the Kingdom spent an estimated 21 billion riyals during the same timeframe. This surge in spending by international visitors is part of a series of accomplishments achieved by Saudi Arabia’s tourism industry.
Saudi Arabia has recently been ranked first on the United Nations Tourism List for its rapid growth rate of international tourists and revenues, placing it among the top major tourist destinations worldwide in 2019 compared to 2018. This surge in tourism is a testament to Saudi Arabia’s ongoing efforts to promote and expand its tourism industry.
To further enhance its appeal as a tourist destination, Saudi Arabia continues to attract visitors from around the world and improve its tourism offerings. The increase in spending by foreign visitors reflects their growing interest in Saudi Arabia as a travel destination and bodes well for the future development of this sector.
