Saudi Operating Revenues Rise 11.4% in May as Mining and Manufacturing Drive Business Growth

Riyadh | EcoPulse24

Saudi Arabia's operating revenues continued to expand in May, with the Kingdom's Operating Revenue Index rising 11.4% year-on-year, reflecting sustained momentum across key productive sectors, led by mining, manufacturing, and financial services.

Data released by the General Authority for Statistics (GASTAT) showed that the index also increased 2.9% month-on-month compared with April, highlighting continued strength in business activity during the second quarter.

Mining Leads Growth

The mining and quarrying sector recorded the strongest annual growth, with operating revenues surging 38.7% compared with May 2025, reinforcing the sector's role as a key driver of Saudi Arabia's economic expansion.

Meanwhile, manufacturing revenues increased 9.6%, reflecting continued industrial activity and ongoing investment in value-added industries under the Kingdom's economic diversification strategy.

Broad-Based Expansion Across Key Sectors

Growth extended beyond the industrial sector, with several major industries reporting higher operating revenues.

Annual growth by sector included:

• Financial and insurance activities: 12.9%

• Wholesale and retail trade, including vehicle repair: 3.6%

• Construction: 2.5%

The figures indicate that business activity remained resilient across both goods-producing and service sectors.

Monthly Momentum Continues

On a monthly basis, the Operating Revenue Index advanced 2.9%, driven by:

• Mining and quarrying: +10.2%

• Wholesale and retail trade: +1.3%

• Manufacturing: +0.6%

Sector Performance

Key Indicators

EcoPulse24 Analysis

The May data point to continued strength in Saudi Arabia's non-oil business activity, with growth extending across multiple sectors rather than being concentrated in a single industry. While mining remained the largest contributor to the increase, solid gains in manufacturing, financial services, construction, and trade suggest that economic momentum remains broad-based.

The figures also reinforce the Kingdom's ongoing diversification efforts under Vision 2030, as higher operating revenues across industrial and service sectors reflect expanding commercial activity and continued investment throughout the economy.

Investors will now look to upcoming industrial production, corporate earnings, and broader macroeconomic indicators to assess whether this momentum continues through the second half of 2026.