Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector stabilized at 55 points in June from 56.4 points in May, marking the lowest reading since January 2022. Despite the slowdown in new orders, which saw the slowest growth in nearly two and a half years, non-oil businesses reported a substantial rise in output.
- Tourism spending in Saudi Arabia saw an annual increase of 23 percent in Q1, hitting SAR45 billion ($12 billion), according to new figures from SAMA. The balance of payments for travel posted a surplus of SAR24 billion ($6.4 billion). This is a 46 percent increase YoY.
- Saudi Arabia’s point-of-sale (POS) spending increased by 48 percent to reach SAR12.34 billion ($3.29 billion) from June 23 to 29, with the education sector registering the largest surge.
