This commentary analyzes the sources of economic growth in Saudi Arabia since the launch of Vision 2030, highlighting the growing importance of productivity-led growth. The results show that growth since 2016 has been driven primarily by capital accumulation, implying significant scope to increase income per person through productivity gains. As public investment moderates, sustaining growth will increasingly depend on productivity improvements and better utilization of existing resources, framing the next phase of Vision 2030 as one of maximizing impact through higher returns on past investments and improved productivity.
