Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s merchandise exports reached a seven-month high in October totaling SAR104.31 billion ($27.8 billion). Representing a marginal increase of 0.014 percent compared to September, the change is attributed to a rise in non-oil shipments from the Kingdom.
- Saudi Arabia’s gross domestic product is projected to achieve a 4.1 percent increase in 2024, driven by growing non-oil activities, per the latest World Bank report. The bank raised its 2024 economic growth expectations for the Kingdom by 0.8 percent, from the June 2023 forecast of 3.3 percent.
- As many as 2.3 million Saudi nationals joined the private sector in December. A report issued by the National Labor Observatory showed that of the total number of citizens, 40.82 percent were females.
