Saudi Arabia's Operating Revenues Index posted an 11.4% year-on-year increase in May 2026, propelled by robust performance in multiple key economic sectors, according to preliminary data from the General Authority for Statistics (GASTAT).

The index tracks operating revenues across various economic activities and serves as a key indicator of business performance in the non-oil sector.

On a monthly basis, the index rose 2.9% from April 2026.

Figure from GASTAT's report showing the Employees Compensation Index and annual change rates.

Figure from GASTAT's report showing the Employees Compensation Index and annual change rates.

Key contributors to the annual rise included a 38.7% surge in mining and quarrying, a 9.6% uptick in manufacturing, a 3.6% gain in wholesale and retail trade (including vehicle repair), a 2.5% increase in construction, and a 12.9% jump in financial and insurance activities.

Meanwhile, the Employees' Compensation Index recorded an annual increase of 9.8 percent, supported by an 11.4 percent rise in manufacturing activities, a 7.6 percent increase in construction, a 9.4 percent increase in wholesale and retail trade and the repair of motor vehicles, a 5 percent increase in mining and quarrying activities, and a 12.8 percent increase in financial and insurance activities.

On a monthly basis, the Employees' Compensation Index edged up by 0.1 percent compared with April 2026.

Figure from GASTAT's report showing the annual change rate for Operating Revenues Index by economic activities (ISIC4).

Figure from GASTAT's report showing the annual change rate for Operating Revenues Index by economic activities (ISIC4).

As for the number of issued building permits, the rate fell by 33.3 percent year-on-year, declining from 7,584 permits in May 2025 to 5,056 permits in May 2026.

Compared with April 2026, the number of issued building permits also decreased by 25.7 percent, falling from 6,803 permits to 5,056 permits.

The growth in operating revenues and employee compensation underscores continued strength in Saudi Arabia's non-oil economy under Vision 2030 diversification efforts. However, the sharp decline in building permits—down 33.3% year-on-year—suggests headwinds in the construction sector that could weigh on future activity. Investors will monitor upcoming data to assess whether these divergent trends persist.