Saudi Arabia's Revenue Index Rises 10.6% in April as Non-Oil Growth Broadens
Updated
Updated · Arab News · Jun 21
Saudi Arabia's Revenue Index Rises 10.6% in April as Non-Oil Growth Broadens
3 articles · Updated · Arab News · Jun 21
Summary
Saudi Arabia’s Operating Revenue Index climbed 10.6% year on year in April, with gains spread across manufacturing, finance, trade, construction and other sectors.
Mining and quarrying led the increase with a 22.5% annual jump, while financial and insurance activities rose 14.2%, transportation and storage 16.4%, and manufacturing 10.3%.
The monthly picture was weaker: the revenue index fell 3.8% from March, dragged by a 19.1% drop in manufacturing and mining and declines in trade, finance, transport and communications.
Other April indicators still pointed to momentum, with the Employees Compensation Index up 10.1% year on year and issued building permits rising 28.2% to 7,356.
The data add to signs that Vision 2030 diversification is supporting the non-oil economy, after Saudi business confidence rose to 54.5 in April and the PMI improved to 52.8 in May.
Is Saudi Arabia's economic boom a true diversification success, or is it still a fragile economy propped up by oil money?
As Saudi Arabia scales back its giga-projects, what does the future of its non-oil economy truly look like?
With female entrepreneurship booming, can Saudi Arabia close its 18% gender wage gap and unlock its full economic potential?
Saudi Arabia’s Non-Oil Economy Hits Record 56% of GDP: Vision 2030 Drives Diversification and Resilience in 2026
Overview
Saudi Arabia's non-oil private sector saw a strong surge in May 2026, reaching a three-month high and driving the country's overall economic growth. In the first quarter of 2026, the economy grew by 2.8% year-on-year, with non-oil sectors making a significant contribution by also growing 2.8% and accounting for most of the GDP increase. This highlights the ongoing success of diversification efforts. However, despite this progress, the overall GDP contracted by 1.5% on a quarterly basis due to a sharp decline in oil output, showing that while non-oil sectors are resilient, oil still impacts the broader economy.