Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil private sector remained stable with a PMI of 54.4 points, slightly down from previous months. The PMI was driven by sustained demand despite competitive pressures, highlighting the sector’s key role in economic diversification and positive export performance.
- Saudi Arabia’s non-oil merchandise exports to GCC countries surged to SAR10.99 billion ($2.9 billion) in May, up from SAR8.43 billion ($2.28 billion) last year, while imports slightly increased, leading to an improved trade balance of SAR4.74 billion ($1.28 billion).
- Saudi Arabia’s banking sector loans rose to SAR2.75 trillion ($733.82 billion) in June, reflecting an 11.35 percent increase YoY, with corporate credit comprising 53 percent and personal loans 47 percent of the total lending, according to SAMA.
