RIYADH: Saudi Arabia’s non-oil industrial activities posted robust growth of 5.3 percent in 2024, highlighting the success of the Kingdom’s economic diversification efforts under Vision 2030.
According to the latest report from the General Authority for Statistics, the overall Industrial Production Index declined by 2.3 percent, driven primarily by a 5.2 percent contraction in oil-related activities.
Saudi Arabia’s growing non-oil industrial output reflects progress in diversifying revenue and jobs beyond oil, a key Vision 2030 goal.
Reforms such as easier licensing, tax incentives, and mega projects are driving growth in manufacturing, logistics, and technology. While oil remains volatile, the expansion is showing early success in the private sector, driven by growth in foreign direct investment.
During the Davos Conference in January, Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that the non-oil economy is expected to grow by 4.8 percent this year.
