The latest official data issued by the General Authority for Statistics in the Kingdom of Saudi Arabia showed a remarkable development in the path of the Kingdom’s economic transformation, as the results of the 2024 Digital Economy Survey revealed a tangible increase in the contribution of this vital sector to the gross domestic product.
These results are a culmination of the Kingdom's ongoing efforts within Vision 2030, which places digital transformation as one of its fundamental pillars for diversifying income sources and reducing dependence on oil. The figures demonstrate the success of national strategies in strengthening digital infrastructure and attracting technology investments.
Growth exceeding expectations in the share of the digital economy
According to the announced results, the share of the digital economy in Saudi Arabia’s GDP rose to 16% in 2024, an increase of 0.4 percentage points compared to 15.6% in 2023. This rising growth reflects the sector’s resilience and ability to expand despite global economic challenges.
Given the details of this growth, the contribution was divided into three main levels:
- The core digital economy: Its contribution amounted to 2.7%, and it includes direct activities for the production of information and communication technology goods and services.
- The narrow digital economy: It recorded a contribution of 2.4%, and covers establishments that rely substantially on digital inputs in their operations.
- The broad digital economy: It accounted for the largest share at 10.9%, indicating the success of traditional sectors in improving their products and services through the adoption of digital solutions.
A qualitative leap in technology exports
Perhaps the most significant finding of the report is the remarkable surge in foreign trade of technology goods. Exports of information and communication technology (ICT) goods (including re-exports) achieved exceptional growth of 118% , jumping in value from SAR 11.8 billion in 2023 to SAR 25.8 billion in 2024. Communications equipment topped the list of exports with a value of SAR 24.9 billion, further solidifying the Kingdom's position as a regional logistics and technology hub.
In contrast, imports rose by 23.5% to reach 67.9 billion riyals, reflecting the growing demand for advanced technology to fuel major projects and digital transformation in the public and private sectors.
Sector financial performance: Huge revenues
In terms of financial performance, the operating revenues of the information and communications technology sector reached SAR 249.8 billion. Telecommunications activities (wired and wireless) accounted for the lion's share with revenues of SAR 133.9 billion, followed by computer programming activities with SAR 31.1 billion.
The data also showed the strength of the labor market in this sector, with employee compensation reaching 29.2 billion riyals, which confirms the role of the digital economy in creating quality jobs with rewarding financial returns for citizens.
The rise of digital entrepreneurship
Growth was not limited to large companies, but also included the entrepreneurship ecosystem, as the authority observed an increase in commercial registrations for new activities:
- E-commerce records rise to 40,953.
- application development records has increased to 15,775.
- Cloud computing records grew to 3,005 records.
- Financial technology (Fintech) records rise to 3,152.
These indicators confirm that the Kingdom is moving steadily towards building a sustainable knowledge economy, supported by advanced digital infrastructure and legislation that stimulates innovation.
