Saudi Arabia’s Operating Revenue Index climbed 11.4% in May compared to the same month last year, propelled by robust performance in the mining and manufacturing sectors, indicating sustained business vigor.

The index, which tracks revenues across major economic sectors, serves as a barometer of business activity in the Kingdom.

According to figures from the General Authority for Statistics, mining and quarrying posted the highest annual growth at 38.7%, with manufacturing next at 9.6%.

Financial and insurance services also saw robust annual expansion of 12.9%, while wholesale and retail trade (including vehicle repair) grew 3.6% and construction 2.5%.

These figures underscore continued momentum across Saudi Arabia’s business sector as the Kingdom advances its Vision 2030 economic diversification agenda. 

GASTAT said in June that the Kingdom’s real gross domestic product expanded by 3 percent year on year in the first quarter of 2026, driven by 2.9 percent growth in both oil and non-oil activities, underscoring the broad-based nature of the recovery. 

In its latest report, GASTAT said: “On a monthly basis, the Operating Revenues Index increased by 2.9 percent, affected by a 0.6 percent increase in manufacturing activities, a 10.2 percent increase in mining and quarrying activities, a 1.3 percent increase in wholesale and retail trade; repair of motor vehicles and motorcycles activities, and increases of 1.1 percent and 1.9 percent in financial and insurance activities and information and communication activities, respectively.” 

Transportation and storage recorded a 9.5 percent annual increase, while arts, entertainment and recreation and accommodation and food service activities grew 9.1 percent and 8.2 percent, respectively. Real estate activities rose 5.8 percent, followed by administrative and support service activities at 5.5 percent and information and communication at 4.8 percent.

Employees Compensation Index

According to the report, the Employees Compensation Index rose 9.8 percent year on year in May, driven by strong gains across major industries. Manufacturing led with an 11.4 percent increase, followed by financial and insurance activities at 12.8 percent and wholesale and retail trade, including the repair of motor vehicles, at 9.4 percent. Construction activities rose 7.6 percent, while mining and quarrying increased 5 percent. 

The growth in ECI was also supported by a 5 percent increase in mining and quarrying activities, and a 12.8 percent increase in financial and insurance operations. 

Compared with April, the ECI edged up 0.1 percent in May. The increase was driven by gains in wholesale and retail trade, which rose 0.5 percent, followed by mining and quarrying at 0.3 percent and transportation and storage at 0.1 percent. Information and communication activities and human health and social work activities increased 0.7 percent and 0.3 percent, respectively.

Building permits 

In May, the number of issued building permits decreased by 33.3 percent compared with the same month a year earlier, declining from 7,584 permits in May 2025 to 5,056 permits. 

Compared with April, the number of issued building permits decreased from 6,803 to 5,056 permits, marking a monthly decline of 25.7 percent. 

The figures point to continued strength across Saudi Arabia’s business sector, even as building activity softened during the month.

The sustained growth in operating revenues, alongside rising employee compensation, suggests that the Kingdom's economic diversification efforts are gaining traction. Broad-based expansion across both oil and non-oil sectors in the first quarter of 2026 further underscores the resilience of the economy, though the steepest gains remain tied to mining and quarrying, highlighting the continued significance of the energy sector.