Saudi Arabia Macroeconomic Developments
- Saudi Arabia approved the state budget for 2024 with revenues projected at SAR1.17 trillion ($312.48 billion) and expenditure at SAR1.25 trillion ($333 billion), leading to a deficit of SAR79 billion ($21.1 billion).
- The Kingdom’s Purchasing Managers’ Index dropped to 57.5 points in November from October’s 58.4 points. Despite this decline, Saudi PMI remained well above the neutral threshold of 50.0 points, signifying a significant improvement in business conditions within the Kingdom’s non-oil private sector economy.
- Saudi Arabia’s total number of employees in the private sector reached 10.8 million in November, up 0.93 percent from the previous month. Of those, 2.3 million were Saudi nationals, and 8.5 million were residents of the Kingdom, according to the Saudi National Labor Observatory.
