Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s real gross domestic product (GDP) contracted by 4.5 percent in the third quarter according to the General Authority for Statistics (GAStat). The drop was caused by a sharp fall in oil activity on the back of cuts to crude production.
- The Saudi Central Bank (SAMA) reported a 3.4 percent increase in total assets to SAR1.82 trillion ($490 billion) in September, up from SAR1.76 trillion ($469 billion) in August.
- Personal remittances of expatriates in Saudi Arabia recorded a decline of 12.6 percent, reaching SAR9.91 billion ($2.64 billion) during September 2023 compared to SAR11.33 billion ($3.02 billion) in September 2022.
