Saudi Arabia's Economic Transformation: Non-Oil Sectors Drive Growth Beyond Vision 2030

• Saudi Arabia is actively diversifying its economy away from oil, driven by its ambitious Vision 2030 agenda.
• The non-oil private sector continues to expand, with the Riyad Bank PMI at 56.3 in January, indicating sustained growth.
• Non-oil activities accounted for approximately 56% of the Kingdom's $1.3 trillion economy by late 2025, with tourism, mining, and manufacturing as key sectors.
• The economy is becoming broader and more resilient to energy price shocks, with non-oil sectors contributing significantly to GDP growth.
• Non-oil exports surged over 20% year-on-year in November, with machinery and electrical equipment leading, showcasing a clear shift in trade patterns.

Why It Matters: Saudi Arabia is successfully diversifying its economy beyond oil, with non-oil sectors and exports driving significant growth.