Riyadh city
The Ministry of Tourism said that Saudi Arabia is still achieving outstanding results, as spending by inbound visitors arriving to the Kingdom during the first quarter of 2024 increased 23% year-on-year (YoY) to SAR 45 billion.
In a statement, the ministry said that the travel item surplus in the balance of payments (BoP) jumped 46% YoY to SAR 24 billion at the end of the same quarter.
The travel item surplus on the BoP represents the difference between the spending of those arriving to Saudi Arabia and those departing from the Kingdom for travel purposes.
The Kingdom’s outbound travel spending amounted to SAR 21 billion during the first quarter of 2024, compared to SAR 20.2 billion in the same period last year, as shown in the following table:
|
Travel Item in BoP |
|||
|
|
Q1 2023 |
Q1 2024 |
Change |
|
Inbound visitors spending |
36.6 |
45.0 |
23 % |
|
Outbound spending* |
20.2 |
21.0 |
4 % |
|
Surplus |
+ 16.4 |
+ 24.0 |
46 % |
The following table illustrates details of travel item since 2016:
|
Details of Travel Item since 2016 (SAR bln) |
|||
|
|
Inbound visitors spending |
Outbound spending* |
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 |
|
2023 |
135.0 |
86.9 |
+ 48.1 |
|
Q1 2024 |
45.0 |
21.0 |
+ 24.0 |
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