Saudi Arabia Macroeconomic Developments
- The World Bank raised its forecast for Saudi Arabia’s real gross domestic product (GDP) to 8.3 percent in 2022, compared to its previous estimate of 7 percent in May. The Kingdom is also projected to post a surplus of 6.8 percent and 4.5 percent of GDP in 2022 and 2023, respectively.
- Total Saudi bank loans granted to the public and private sectors grew 15 percent in August to SAR2.4 trillion ($629 billion), compared to SAR2.05 trillion ($546 billion) a year earlier, according to data issued by the Saudi Central Bank (SAMA). Private sector lending increased by 15 percent YoY to SAR2.24 trillion ($598 billion) for the same month. Meanwhile, loans granted to public non-financial institutions grew 26 percent YoY to SAR117.1 billion ($31 billion).
- Saudi Arabia continues to maintain the ongoing expansion of its non-oil economy as output and new orders recorded gains, leaving the Kingdom’s Purchasing Managers’ Index (PMI) at 56.6 points in September, the latest data from S&P Global revealed. Although down from August’s 57.7 points, Saudi Arabia managed to maintain growth for the 25th successive month.