Weekly Market Brief – 4/7/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s Industrial Production Index rose 6 percent YoY in February, driven by high production in mining that grew by 2.2 percent and manufacturing activities, which increased by 16.8 percent.

• Saudi Arabia’s PMI reached 58.7 points in March, slightly below the 59.8 points in February. The PMI reflected the 31^st consecutive month of expansion in the non-oil private sector.

• International credit agency Fitch has upgraded Saudi Arabia’s economy to ‘A+’ due to the Kingdom’s strong financial position, favorable debt-to-gross domestic production ratio, and secure sovereign net foreign assets.