Saudi Arabia’s Operating Revenue Index rose 10.6 per cent in April from a year earlier, driven by broad-based growth across key economic activities, official data showed.
According to the latest report released by the General Authority for Statistics, manufacturing activities grew 10.3pc year on year in April, while mining and quarrying activities surged 22.5pc.
Financial and insurance activities also posted strong growth of 14.2pc, followed by wholesale and retail trade, including motor vehicle repair, at 6.9pc, and construction activities at 5.4pc.
The figures add to a growing body of evidence pointing to the resilience of Saudi Arabia’s non-oil economy as the kingdom accelerates its Vision 2030 transformation agenda.
Rising business activity, stronger investor sentiment, expanding construction pipelines, and sustained growth in service sectors have helped support economic diversification efforts, reducing reliance on hydrocarbons while creating new sources of growth.
In its latest report, GASTAT said: “On a monthly basis, the Operating Revenues Index decreased by 3.8pc, affected by a 19.1pc decrease in manufacturing and mining and quarrying activities, a 1.5pc decline in wholesale and retail trade and repair of motor vehicles activities, a 2.5pc decline in financial and insurance activities, and decreases of 1.5pc and 4.9pc in information and communication activities and transportation and storage activities, respectively.”
Other notable annual gains included transportation and storage activities at 16.4pc, accommodation and food service activities at 7.6pc, and information and communication activities at 7.8pc.
The report further said that administrative and support service activities rose by 7.8pc year on year in April, while arts, entertainment and recreation activities rose by 12pc.
Smaller increases were observed in electricity, gas, steam and air conditioning supply at 1pc, water supply and sewerage activities at 2.7pc, and real estate activities at 0.8pc, as well as professional, scientific and technical activities at 1.1pc, education at 0.6pc, and human health and social work activities at 1.1pc.
A recent report by GASTAT also underscored progress in the kingdom’s economic diversification efforts and revealed that Saudi Arabia’s Business Confidence Index climbed to 54.5 points in April, up from 52.1 points in March, indicating sustained optimism in the non-oil sectors.
The analysis added that the kingdom’s BCI stood at 60.6 in February and 61.6 in January, before the March dip, which was attributed to regional geopolitical uncertainty.
In May, Saudi Arabia’s non-oil private sector showed renewed momentum, as the kingdom’s Purchasing Managers’ Index climbed to 52.8 from 51.5 in April, remaining above the 50-point threshold that separates expansion from contraction.
The Employees Compensation Index also demonstrated solid annual growth, rising by 10.1 percent in April compared with the same month of the previous year.