Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil activities expanded by 4.3 percent YoY in the third quarter of 2024, fueled by growth in the wholesale and retail trade, and restaurant and hotel sectors. According to the General Authority for Statistics (GAStat), wholesale and retail trade, along with restaurant and hotel activities, grew by 5.8 percent in the third quarter YoY.
- According to GAStat, Saudi Arabia’s industrial production index edged up 0.4 percent MoM, reaching 106.9 points. The mining and quarrying sub-index, which includes oil production, recorded a slight 0.4 percent annual increase, with oil output ticking up to 8.97 million barrels per day from 8.94 million a year earlier.
- Saudi Arabia’s official reserve assets saw a 2.22 percent YoY increase to SAR1.63 trillion ($435.41 billion) in October. These holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign reserves.
