Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s gross fixed capital formation surged to SAR317.5 billion ($84.7 billion) in the first quarter of 2024, marking a significant 7.9 percent increase YoY.
- Saudi Arabia reported a 1.7 percent decrease in its real gross domestic product (GDP) for the first quarter of 2024, primarily attributed to an 11.2 percent decline in oil activities. The data, released by the Saudi General Authority for Statistics (GAStat), also showed a 1.4 percent increase in seasonally adjusted real GDP QoQ.
- Manufacturing activities pushed Saudi Arabia’s Industrial Production Index to 105.6 points in April, a 1.1 percent rise compared to the previous month. According to GAStat, manufacturing operations in the Kingdom rose by 2.4 percent MoM to reach 119.1 points, due to a surge in chemical product production, which went up by 3.1 percent.
