Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector saw the fastest pickup in employment since November 2019 and further increases in sales and business confidence. IHS Markit’s Purchasing Managers’ Index (PMI) remained at 56.4 points in June for the second month, where the 50-point mark separates growth from contraction. Input purchases climbed and business confidence improved to a five-month high.
- Saudi Arabia’s net foreign assets dropped by 0.8 percent MoM to SAR 1.62 trillion ($433 billion) in May, according to the Saudi Central Bank. The Kingdom’s investments in foreign securities also declined by SAR12.4 billion ($3.3 billion) in May.
- The unemployment rate among Saudi nationals fell to 11.7 percent in Q1 2021, a five-year low. The overall unemployment rate declined to 6.5 percent in Q1 compared to 7.4 percent in Q4 2020. Saudi female unemployment fell from 24.4 percent to 21.2 in Q1.
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