Weekly Market Brief – 5/19/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s balance of trade increased for the first time in nine months by SAR6 billion ($1.6 billion) in February 2023 compared to a month earlier, according to the General Authority for Statistics (GAStat).

• According to GAStat, the Kingdom’s inflation rate remained unchanged at 2.7 percent in April compared to March 2023 and above market expectations of 2.5 percent.

• Saudi Arabia’s holding of U.S. Treasuries increased by SAR16.88 billion ($4.5 billion) MoM in March to reach SAR435.76 billion ($116.2 billion).