Weekly Market Brief – 1/13/2023

Saudi Arabia Macroeconomic Developments

• The Riyad Bank Saudi Arabia Purchasing Managers Index reached 56.9 points in December 2022, which is a slight decline from November when the index hit 58.5 points. The rate of job creation was the fastest recorded in almost five years, and the increase in staffing capacity helped companies to lower outstanding work for the seventh month running.

• Saudi bank loans granted to non-financial public enterprises and the private sector rose 14 percent by the end of November to SAR2.421 trillion ($646 billion), compared to SAR2.117 trillion ($565 billion) a year earlier, according to data issued by the Saudi Central Bank (SAMA).

• Remittances from expatriates in Saudi Arabia saw a 19 percent YoY decline to SAR10.5 billion ($2.8 billion) in November, according to SAMA. On MoM basis, remittances from expats in Saudi Arabia dropped 6 percent, or SAR717 million ($191.2 million).