Saudi Arabia Macroeconomic Developments
- Wholesale prices in Saudi Arabia rose 6.8 percent in July YoY, according to the General Authority for Statistics (GAStat). Inflation for wholesalers was down from 8.1 percent in June. Basic chemicals (+19.3 percent) and refined petroleum products (+3.5 percent) continued to rise but at a softer pace. ‘Metal products, machinery, and equipment’ prices increased 5 percent, led by general-purpose machinery (+12.1 percent) and fabricated metal products (+6.4 percent). However, wholesale prices in Saudi Arabia declined 0.4 percent MoM as lower oil prices softened inflationary pressures in downstream industries.
- Saudi Arabian bank loan portfolios rose by SAR289 billion ($77.1 billion) in Q2 from the same quarter last year, according to the Saudi Central Bank (SAMA). Bank loans totaled SAR2.42 trillion ($645.3 billion) at the end of Q2 2022. Loans related to trade and finance both rose 21 percent YoY and construction loans rose 9 percent YoY. Loans for transportation & communications declined 13 percent YoY.
- Saudi Arabia’s holdings of U.S. Treasuries increased to SAR447 billion ($119.2 billion) in June, according to U.S. Treasury Department data. The Kingdom’s holdings rose 3.9 percent from the previous month. Saudi Arabia is the 16th largest sovereign holder of U.S. debt.
