Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector witnessed strong growth in November, with the Riyad Bank PMI rising to 59.0 points from 56.9 points in October, driven by faster expansions in new orders, purchasing activity, and hiring.
- According to S&P Global, Saudi Arabia’s GDP is projected to grow by 0.8 percent in 2024 and 4.7 percent in 2025, with oil production forecasted at 9.5 million bpd in 2025. The non-oil sector remains a key driver of diversification efforts, while inflation is expected to remain low at 1.8 percent in 2024 and 1.7 percent in 2025.
- According to SAMA’s weekly point-of-sale (POS) transactions, education spending in Saudi Arabia surged 178.6 percent to SAR249.5 million ($66.4 million) from November 17 to 23, the only sector to record growth. Transactions in education rose 62.3 percent to 164,000, while other sectors saw sharp declines.
