Saudi Arabia: Saudi Arabia’s non-oil sector is expected to contribute up to 3.5 percent annually to the Kingdom’s gross domestic product growth between 2025 and 2028, according to an expert from S&P Global. 

In an interview with Asharq Al-Awsat, Hina Shoeb, head of analytics, cross practice ratings at S&P Global Saudi Arabia, said that this growing contribution will be supported by both government and private investments in sectors such as real estate, tourism, and infrastructure. 

This comes as Saudi Arabia’s real GDP grew 3.9 percent in the second quarter, driven by strong non-oil activity that extended its growth streak to 18 consecutive quarters.

Non-oil sectors rose 4.6 percent year on year in April–June, highlighting the Kingdom’s rapid economic diversification. 

She added that the growth of the non-oil sector aligns with the continued economic momentum in the country, resulting from Vision 2030 reforms, which aim to enhance economic diversification and reduce dependence on oil revenues. 

“Non-oil sectors have become a major driver of economic activity in the Kingdom, supported by housing programs, mortgage financing, and the expansion of mega-projects,” Shoeb told Asharq. 

The S&P official added that the economy in the Kingdom is moving toward a sustainable transformation driven by long-term investment spending. 

In August, the International Monetary Fund highlighted the resilience of the Saudi economy, stating that the Kingdom will see GDP growth of 3.6 percent in 2025, accelerating to 3.9 percent in 2026. 

Earlier this month, S&P Global noted that Saudi Arabia’s Vision 2030 program is transforming the country’s economic landscape by creating substantial growth opportunities in the corporate sector and spurring project financing in infrastructure. 

The report added that non-oil activity is expected to contribute approximately 57 percent of GDP in 2025, with this share rising when oil prices decline and falling when they increase. 

In May, Saudi Arabia’s General Authority for Statistics reported that GDP grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity. 

Commenting on these figures at that time, Minister of Economy and Planning Faisal Alibrahim, who chairs GASTAT’s board, said the contribution of non-oil activities reached 53.2 percent of the Kingdom’s economic output — up 5.7 percent from previous estimates.