Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s industrial production index rose 21 percent YoY in June, according to the General Authority for Statistics (GAStat). Manufacturing grew at a faster pace (+29.3 percent) compared to mining & quarrying (+19.2 percent). Approximately 39 percent of industrial investment in the Kingdom was foreign or joint capital investment.
- Consumer prices in Saudi Arabia rose 2.7 percent YoY in July due to higher prices for food and transportation. Annual inflation accelerated from June’s 2.3 percent rate. Food prices (+4.2 percent), particularly meat, was the leading segment driving higher prices.
- Cement sales in Saudi Arabia grew 7 percent YoY to 3.9 million tons in July from 3.6 million tons last year, according to data from Yamama Cement Co. Clinker production meanwhile declined 2 percent to 4.8 million tons in July.
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