Saudi Arabia Macroeconomic Developments
- The World Bank expects Saudi Arabia’s economy to contract by 0.9 percent in 2023, revising its growth forecast sharply lower on the back of production cuts and lower prices. Overall growth in the Middle East and North Africa (MENA) region is also expected to slow, now forecast at 1.9 percent in 2023, down from 6 percent last year and lower than the 3 percent the World Bank forecast in April.
- Saudi Arabia’s purchasing managers’ index rose to 57.2 points in September, up from 56.6 points in August, according to Riyadh Bank.
- Remittances of expatriates working in Saudi Arabia dropped by 9.7 percent to reach SAR10.7 billion ($2.9 billion) in August compared to SAR11.9 billion ($3.2 billion) YoY. However, foreigners’ remittance from the Kingdom last month rose by 1.3 percent MoM, according to the Saudi Central Bank (SAMA).
