Saudi Arabia's Non-Oil Economy Posts Strongest Quarter on Record
Riyadh's diversification push delivers measurable results as tourism, logistics and advanced manufacturing carry headline GDP through softer crude prices.
The General Authority for Statistics released figures on Tuesday showing non-oil real GDP expanded 6.4 percent year-on-year in the first quarter, the strongest reading since the kingdom began publishing the series in 2010.
Tourism receipts crossed $32 billion in the trailing twelve months, supported by a Hajj season that drew record international arrivals and the continued ramp-up of Diriyah, AlUla and Red Sea Global. Manufacturing value-added rose 11 percent, led by electric-vehicle assembly at the King Salman Automotive Cluster.
Finance Minister Mohammed Al-Jadaan, speaking at a Riyadh investor conference, framed the data as vindication of the Vision 2030 capital-allocation framework. "The numbers show structural transformation, not a commodity bounce," he said.
Sovereign issuance plans for the second half were also revised, with the Public Investment Fund expected to tap dollar markets twice before year-end to finance the next phase of NEOM construction.
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