Saudi Arabia Macroeconomic Developments
- The Kingdom’s real gross domestic product grew by 1.1 percent in the second quarter of this year compared to the same period of 2022, according to the General Authority for Statistics. Economic growth was driven by non-oil activities, which increased by 5.5 percent.
- Saudi Arabia’s Real Estate Price Index edged up by 0.8 percent in the second quarter of this year compared to the same period a year ago. The annual increase in the index was attributed to residential property prices rising by 1.1 percent and commercial by 0.2 percent in the second quarter.
- The Kingdom’s Purchasing Managers’ Index hit 57.7 points in July. Continued optimism resulted in a rise in employment numbers for the 16th month in a row, although the pace of hiring was the weakest since November 2022.
