RIYADH: According to official data, Saudi Arabia’s Operating Revenue Index increased 10.6% in April compared to the same month last year due to widespread expansion across important economic sectors. Mining and quarrying operations increased by 22.5 percent in April, while manufacturing activities increased by 10.3 percent year over year, according to the General Authority for Statistics’ most recent report. Construction activities grew by 5.4 percent, followed by wholesale and retail trade, including auto repair, at 6.9 percent, and financial and insurance activities at 14.2 percent.
As the Kingdom speeds up its Vision 2030 reform drive, the numbers contribute to an increasing amount of data demonstrating the robustness of Saudi Arabia’s non-oil economy. Economic diversification initiatives have been aided by increased business activity, improved investor sentiment, a growing construction pipeline, and steady expansion in the service sector, which has reduced dependence on hydrocarbons while generating new growth opportunities.
“On a monthly basis, the Operating Revenues Index decreased by 3.8 percent, affected by a 19.1 percent decline in manufacturing and mining and quarrying activities, a 1.5 percent decline in wholesale and retail trade and repair of motor vehicles activities, a 2.5 percent decline in financial and insurance activities, and decreases of 1.5 percent and 4.9 percent in information and communication activities and transportation and storage activities, respectively,” according to GASTAT’s most recent report.
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