Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector expanded at the fastest pace this year in September with IHS Markit’s Purchasing Managers’ Index (PMI) rising to 58.6 points from last month’s 54.1 points. New orders rose at the fastest pace in seven years. Output expansion quickened for the first time in four months. While employment levels saw only a marginal upward shift, the pace of job creation was the fastest since June.
- Remittances from expatriates in Saudi Arabia grew 11 percent YoY to SAR13.7 billion ($3.7 billion) in August, according to the latest data from the Saudi Central Bank (SAMA). Compared to July, expat remittances rose 10 percent.
- Saudi bank loans to the public and private sectors rose 15 percent YoY to SAR2.05 trillion ($547 billion) in August. Private lending, which accounts for the vast majority of total lending, continues to rise above 2020 levels.