Saudi Arabia Macroeconomic Developments
- According to the Organization for Economic Co-operation and Development (OECD), Saudi Arabia’s economy is projected to grow at a higher rate than the global average to 2.9 percent in 2023.
- Saudi Arabia’s finance companies’ collective portfolios surged 10.8 percent to reach SAR75 billion ($20 billion), according to the latest figures released by the Saudi Central Bank (SAMA).
- The annual inflation rate in Saudi Arabia eased to 2.7 percent in June 2023 from 2.8 percent in the previous month, slightly below market expectations of 2.8 percent, driven by cost reductions in clothing & footwear (-2.9 percent), communication (-0.7 percent), and miscellaneous goods & services (-0.1 percent). In contrast, inflation accelerated for housing & utilities (9.1 percent), restaurants & hotels (4.3 percent), and education (3 percent).
