Weekly Market Brief – 5/12/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s real gross domestic product grew by 3.9 percent YoY in the first quarter of 2023 as non-oil activities increased, according to data from the General Authority for Statistics (GAStat).

• According to the Ministry of Finance, Saudi Arabia made SAR280.9 billion ($74.89 billion) in revenues during the first quarter, a 21.9 percent decrease YoY. Expenditures reached SAR283.9 billion ($75.7 billion) as the Kingdom witnessed a deficit of SAR2.9 billion ($776 million).

• According to GAStat, the Kingdom’s industrial production index rose 4.1 percent in March 2023 due to high production in mining, quarrying, and manufacturing.