From 2013 to 2023, international tourism expenditures in Saudi Arabia have exhibited significant fluctuations, impacted notably by global and regional events. The value stood at $14.698 billion in 2023, reflecting a modest year-on-year increase of 3.58%. However, the compound annual growth rate (CAGR) over the last five years was -3.91%, indicating an overall declining trend.
The years from 2013 through 2014 saw substantial growth, with the highest year-on-year increase in 2014 (34.8%). This was followed by a series of decreases and modest recoveries, markedly influenced by events such as the 2015 economic downturn and the drastic drop in 2020 due to the COVID-19 pandemic. Despite a rebound in 2021 and 2022, the long-term trajectory remains downwards.
Looking forward, the forecast suggests continued declines through 2028, with a projected 5-year CAGR of -5.53% and an overall 24.76% decrease from 2023 levels. Key future trends to watch for include the impact of ongoing economic diversification efforts, regional stability, and global travel sentiment post-pandemic. Focus on enhancing tourism infrastructure and introducing new attractions may help mitigate the forecasted downturn.
