[REVISION HISTORY]

Saudi Arabian economic and industrial growth

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2026-09-08 10:24 UTC → 2026-09-10 07:34 UTC · added ~~removed~~

Saudi Arabia has demonstrated significant economic activity across trade and industrial sectors. In June 2026, the country reported a trade surplus of approximately $4.79 billion. While merchandise exports decreased by 4.5 percent compared to the previous year, oil exports accounted for 72 percent of the total export mix. The industrial and logistics sector has expanded as part of Vision 2030 goals, with the industrial base reaching roughly 13,660 establishments by April 2026. By August 2026, non-oil private sector activity showed continued expansion. The Purchasing Managers' Index (PMI) reached 53.8, its highest level in six months, though export orders declined due to regional tensions. Data from the second quarter of 2026 shows the non-oil economy grew by 0.9 percent year-on-year, an upward revision from an initial estimate of 0.6 percent. However, the Kingdom’s real GDP contracted by 4.7 percent year-on-year, primarily driven by a 24.8 percent drop in oil activities. On a seasonally adjusted basis, real GDP fell by 4.8 percent compared to the first quarter of 2026. During this period, oil activities decreased by 21.6 percent, non-oil activities fell by 0.4 percent, and government activities grew by 0.2 percent. In response to these shifts, the International Monetary Fund (IMF) lowered its 2026 growth forecast for the Kingdom to 1.7 percent, while raising its 2027 projection to 5.5 percent. Additionally, Saudi Arabia led major renewable energy transactions in August, involving significant solar, wind, and battery storage projects through collaborations in Syria. In August 2026, the Saudi Central Bank (SAMA) reported that foreign currency reserves rose by 7.2 percent year-on-year to $462.15 billion, with official reserve assets reaching $487.31 billion. Concurrently, the General Authority for Saudi Awqaf announced that cumulative profits from endowment real estate funds totaled approximately $488 million for the first half of fiscal year 2026.

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