- This is a result of growth of around 225 percent (SR37 billion) in inbound tourism revenue compared with the first quarter of 2022
- This growth reflects the efforts made by the Tourism Ministry to boost the sector
RIYADH: The Saudi Ministry of Tourism recently announced that the Kingdom made a significant profit in the balance of payments on travel in the first quarter of 2023, gaining SR22.8 billion ($6.08 billion) compared with a deficit of SR1.6 billion in the first quarter of last year.
This is a result of growth of around 225 percent (SR37 billion) in inbound tourism revenue compared with the first quarter of 2022, according to the Saudi Central Bank.
This growth reflects the efforts made by the Tourism Ministry to boost the sector and contribute to the development of the Kingdom’s economy, in line with the National Tourism Development Strategy.
It was achieved, according to the central bank, by “applying best practices in tourism development and improving tourism services and products,” as well as through the support of all government bodies for the development of the tourism sector.
The Kingdom has climbed 16 places in the World Tourism Organization’s International Tourism Revenue Index, ranking 11th in 2022, up from 27th in 2019.
