Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s annual inflation rate reached 1.9 percent in October YoY, primarily driven by higher housing costs, as reported by the General Authority for Statistics (GAStat). Housing rents rose 11.6 percent, with apartment rents increasing by 11.3 percent. Expenses for housing, utilities, and fuels grew 9.6 percent YoY.
- Saudi Arabia’s official reserve assets rose 4 percent YoY to SAR1.71 trillion ($456.97 billion) in September, according to Saudi Central Bank (SAMA). Foreign reserves, including currency, deposits abroad, and foreign securities, accounted for 94.5 percent of the total, amounting to SAR1.62 trillion ($431.29 billion), and grew by 4.11 percent.
- Saudi Arabia’s Industrial Production Index (IPI) fell 0.3 percent YoY in September, with manufacturing down 0.5 percent. A 12.3 percent drop in refined petroleum output drove the decline, while chemicals rose 2 percent and food manufacturing grew 12.3 percent. Mining and quarrying remained stable.
