Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector witnessed the highest growth since 2015 in February, as the Kingdom’s Purchasing Managers’ Index hit 59.8 points, up from 58.2 points in January. Firms in the Kingdom reported faster upturns in output, employment and purchasing, as optimism toward the year ahead remained robust.
- Saudi Arabia exceeded SAR1 trillion ($266 billion) in retail loans offered by banks during 2022 for the first time in the Kingdom’s history, rising 15 percent compared to 2021. Mortgages, consumer loans, and credit card loans accounted for 43.6 percent of the total loans.
- According to the Saudi Central Bank (SAMA), residential real estate finance provided by banks to individuals declined by 31 percent YoY to SAR8.37 billion ($2 billion) during January. Over 11,100 contracts were signed between banks and retail clients in January, a 32 percent decrease YoY.