Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s economy grew 6.8 percent YoY in Q3, the fastest pace in nearly a decade. The oil sector rose 9 percent while the non-oil economy grew 6.2 percent as business and economic conditions broadly improved. A full Q3 GDP report is expected to be released on December 14.
- Inflation in Saudi Arabia rose 0.8 percent YoY in October, primarily due to higher transportation prices (+6.4 percent) and food & beverage prices (+1.4 percent). Prices rose at a faster pace compared to last month as global supply chain disruptions hampered global trade flows.
- Saudi Arabia’s industrial production rose 6.5 percent YoY in September as the Kingdom increased oil production from 8.9 million barrels per day (bpd) to 9.6 bpd. Mining and quarrying activity rose 7.6 percent and manufacturing activities rose 4.5 percent.
