Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s liquidity levels rose by 8.7 percent YoY to SAR2.9 trillion ($773 billion) as of August 2024, marking an increase of SAR232.2 billion ($62 billion) and setting a new high compared to August 2023’s SAR2.67 trillion ($712 billion). Monthly liquidity also grew by 1.3 percent, or SAR36.85 billion ($9.8 billion).
- Saudi Arabia’s real GDP grew by 2.8 percent YoY in Q3 2024, driven by a 4.2 percent expansion in the non-oil sector, according to the General Authority for Statistics (GAStat). Government activities rose by 3.1 percent, while oil sector growth was modest at 0.3 percent. Seasonally adjusted GDP increased by 0.8 percent from Q2 2024.
- Saudi Arabia’s real estate price index increased by 2.6 percent YoY in Q3 2024, driven by rising residential sector costs, according to GAStat. Residential property prices rose 1.6 percent, with commercial and agricultural property prices seeing larger gains of 6.4 percent and 8.7 percent each.
