Weekly Market Brief – 11/04/2022

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s real gross domestic product grew by 8.6 percent in the third quarter of 2022 compared to the same period last year, according to official data released by the General Authority for Statistics (GASTAT). The Kingdom’s GDP growth is driven by a 14.5 percent increase in oil activities in the third quarter.

• The Ministry of Finance posted revenues of SAR950.2 billion ($252.8 billion) and expenditures of SAR800.7 billion ($213.1 billion) in the first nine months of 2022. Revenues stood at SAR301.9 billion ($80.3 billion) in the third quarter, while expenditures reached SAR287.7 billion ($76.6 billion).

• Saudi Arabia’s Purchasing Managers’ Index hit 57.2 points in October, the strongest since January 2021.This marks the Kingdom’s 26^th successive month of growth, according to the Riyad Bank Saudi Arabia Purchasing Managers’ Index.