Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s international reserve assets reached SAR1.754 trillion ($467.5 billion) in June, the highest in 19 months and a 5.54 percent YoY increase, with international currency holdings comprising 95 percent of the total and seeing a 6 percent rise, according to SAMA.
- According to the Ministry of Finance, Saudi Arabia recorded a budget deficit of SAR15.34 billion ($4.09 billion) in Q2 2024, bringing the first-half deficit to 35 percent of the annual forecast, with a 12 percent increase in revenues to SAR353.59 billion ($94.25 billion) and a 15 percent rise in expenditures to SAR368.93 billion ($98.27 billion) QoQ.
- Saudi banks’ money supply rose 9 percent in June YoY to SAR2.9 trillion ($773 billion), driven by a 17.32 percent surge in term and savings accounts to SAR903.71 billion ($241 billion), which represented 31 percent of the total money supply, while demand deposits, making up 49 percent, increased by 7 percent to SAR1.42 trillion ($379 billion), according to SAMA.
