Saudi Arabia Macroeconomic Developments
- June’s Riyad Bank Saudi Arabia Purchasing Managers’ Index, compiled by S&P Global, surged to 59.6 points from 58.5 points in May. Non-oil business activities in Saudi Arabia witnessed continued expansion in June, driven by the tourism and construction sectors.
- Consumer spending in May saw a remarkable rise by 15 percent YoY, despite a monthly decline of 3.7 percent. Point of Sales (POS) transactions were up 18 percent YoY, and cash withdrawals rose by 8 percent YoY.
- SAMA foreign reserves rose in May for the first time in six months to SAR1.7 trillion ($442 billion), and by SAR46 billion ($12.3 billion) MoM. The monthly rise was mainly attributed to bank deposits, which grew by SAR45 billion ($12 billion), and foreign securities, which grew by SAR2.3 billion ($600 million).