Saudi Arabia Macroeconomic Developments
- Consumer prices in Saudi Arabia increased by 1.7 percent in 2024, driven primarily by higher housing costs, according to data from the General Authority for Statistics (GAStat). House rents surged by 10.6 percent year on year, significantly contributing to the overall inflationary pressure.
- The International Monetary Fund lowered its 2025 GDP growth projection for Saudi Arabia to 3.3 percent, mainly due to extended oil production cuts. It also trimmed its 2024 growth estimate for the Kingdom to 1.4 percent.
