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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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