Saudi Arabia Macroeconomic Developments
- Riyad Bank Saudi Arabia’s PMI fell to 58.4 points in February 2025, down from the decade-high of 60.5 points in January, but still indicates growth in the non-oil private sector by beating forecasts. Output, exports, and employment all saw notable gains in response to rising global demand.
- Saudi Arabia’s economy grew 1.3 percent in 2024, supported by an expansion in non-oil activities despite a decline in the oil sector. Gross domestic product grew 4.5 percent YoY during the fourth quarter of 2024, the highest quarterly increase in two years. The jump was due to a 4.7 percent rise in non-oil activities and a 3.4 percent uptick in oil activities.
