Saudi Arabia achieves 5.3 percent growth in non-oil industrial sector

Saudi Arabia has witnessed significant growth in its non-oil industrial sector, seeing an increase of 5.3 percent in 2024. This growth is a notable accomplishment, reflecting the Kingdom's ongoing economic diversification efforts as part of Vision 2030. Despite this success in non-oil industries, the overall Industrial Production Index has experienced a decline of 2.3 percent. This drop is largely attributed to a 5.2 percent contraction in oil-related activities. Furthermore, sectors such as electricity, gas, steam, and air conditioning supply reported growth of 3.5 percent, while the water supply, sewerage, and waste management services increased by 1.6 percent. In conjunction with these industrial activities, Saudi Arabia's non-oil exports surged to SR515 billion ($137 billion) in 2024, marking a 13 percent rise compared to the previous year and a 113 percent increase since Vision 2030's launch. As Saudi Arabia continues to pursue ambitious goals within its Vision 2030 framework, the non-oil sector's growth not only aligns with the Kingdom's economic objectives but also sets a precedent for diversifying the economy away from oil dependence. The data released by the General Authority for Statistics reflects the country's considerable strides toward achieving a more balanced economic landscape. Minister of Industry and Mineral Resources Bandar Alkhorayef has noted the vital role of the mining sector in Saudi Vision 2030, emphasizing the untapped opportunities that could further enhance the Kingdom's position as a global industrial and mining hub. The concerted efforts in various sectors underscore a broader commitment to sustainable growth.