Saudi Arabia Macroeconomic Developments
- Industrial production in Saudi Arabia dropped 2.9 percent YoY in May 2024, a 13th consecutive month of decline in industrial production. On a MoM basis, manufacturing of chemicals and food items helped drive Saudi Arabia’s Industrial Production Index up 0.9 percent in May.
- According to SAMA, Saudi banks’ money supply hit record levels in May, reaching SAR2.825 trillion ($753.31 billion) after seeing an annual increase of 8.56 percent.
- Remittances by expatriates living in Saudi Arabia grew 12 percent YoY in May to SAR12.6 billion ($3.4 billion), marking the highest level in nearly two years. Remittances sent abroad by the Kingdom’s nationals also increased by 6 percent during this period, totaling SAR6.18 billion ($1.64 billion), the highest since November 2022.
