Saudi Arabia Macroeconomic Developments
- According to the General Authority for Statistics (GAStat), the Industrial Production Index (IPI) rose by 1.0 percent YoY in August, driven by growth in mining and quarrying, manufacturing, and electricity, gas, steam, and air conditioning supply. However, the IPI saw a 0.3 percent decline MoM.
- The Saudi Central Bank (SAMA) reported a 2.6 percent increase in point-of-sale (POS) transactions, totaling SAR13.7 billion ($3.7 billion) in the week ending Oct. 5, driven by a notable surge in spending within the education sector.
- According to the Ministry of Commerce, there was a 62 percent rise in commercial record issuances and a 9.4 percent YoY growth in e-commerce businesses, with 39,769 new registrations.
