Saudi Arabia Macroeconomic Developments
- Saudi Arabia lifted travel restrictions on 11 countries, including the U.S. Existing quarantine regulations will still apply and non-Saudi travelers to the Kingdom will be required to provide a health certificate showing a negative PCR test within 72 hours of travel.
- Saudi Arabia’s PMI rose to 56.4 in May (up from 55.2 in April), registering the strongest increase in output since Q4 2017. Employment gains continued for a second month, though the pace slowed compared to April. Saudi non-oil, private sector firms cited growth in new business and a pickup in export sales amid an increase in global demand.
- Remittances from expatriates in Saudi Arabia increased by 36 percent YoY to SAR 13.3 billion ($3.5 billion) in April, bringing the 4-month YTD total to SAR 50.7 billion ($13.5 billion). The value of remittances from expats is up 16.3 percent YTD. Saudi Arabia was the third largest source of remittances globally in 2020, behind the U.A.E and U.S.
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