Saudi Arabia Macroeconomic Developments
- The Kingdom’s Purchasing Managers’ Index in April remained unchanged at 57 points compared to March, according to the Riyad Bank Saudi Arabia PMI report by S&P Global. In February, PMI hit a five-month high of 57.2 points, while it was 55.4 points in January.
- Saudi Arabia’s private sector provided 11.27 million jobs during April, according to the Saudi National Labor Observatory report. There was a net increase in citizen employment for April, with 18,535 individuals newly joining the private sector workforce.
- S&P Global Ratings expects Saudi Arabia’s real GDP to grow by 2.2 percent in 2024, before rising by 5 percent in 2025. The rating agency said that the surge in the non-oil sector will contribute an increasing share of this growth. This was attributed to government-led investments in Vision 2030 projects.
