Saudi: Fashion Sector Contributed 1.4% To Nation’s GDP in 2022
The fashion sector in Saudi Arabia made a substantial impact on the domestic economy, as it has contributed a noteworthy 1.4% to the nation’s GDP in 2022.
This amounted to an impressive $12.5 billion (SR46.9 billion), highlighting the industry’s integral role in driving economic growth and diversification.
These numbers have been revealed in a forum hosted by the Saudi Fashion Commission in Riyadh, during which it has showcased its report ‘State of Fashion in Saudi Arabia (2023)’.
The report clearly outlines fashion’s connection to Vision 2030, relating to the country’s aims to diversify the economy, expand job creation, and further cultural enrichment.
With this significant impact, fashion sales in Saudi Arabia from 2021 to 2025 are expected to surge by 48%, representing an annual growth rate of 13%.
The fashion sector in the Kingdom has also contributed impressively to job creation, as the report highlighted that, in 2022, employees engaged in fashion-related roles reached 230,000.
This included 90,000 jobs in core fashion occupations dedicated to supporting the fashion industry, and an additional 140,000 jobs in non-core and ancillary occupations that contributed to the sector’s vitality.
