Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil economy maintained strong growth in November, according to IHS Markit’s PMI survey. The headline reading of 56.9 points was supported by strong new business growth and the fastest rise in export sales since May. Price pressures were moderate compared to global inflation, but job growth remained relatively mild.
- The value of point-of-sale (POS) transactions in Saudi Arabia rose 1.2 percent MoM in October, reaching SAR40.5 billion ($10.8 billion). Sectors that drove the increase included restaurants & cafes, hotels, and clothing. The number of POS transactions rose markedly from 469 million transactions in September to 495 million transactions in October.
- Foreign direct investment (FDI) into Saudi Arabia totaled SAR51.8 billion ($13.8 billion) in Q2 2021, with the Aramco Oil Pipelines deal accounting for SAR46.5 billion ($12.4 billion). Excluding the Aramco privatization deal, FDI still rose 56 percent YoY to hit SAR1.4 billion ($373 million).
