Weekly Market Brief – 9/30/2022

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s Ministry of Finance announced its 2023 preliminary budget and stated it expects a surplus of SAR9 billion ($2.4 billion), or 0.2 percent of gross domestic product. Spending is projected at SAR1.11 trillion ($296 billion) with revenue of SAR1.12 trillion ($299 billion). The economy is forecast to grow by 3.1 percent.

• The Saudi unemployment rate decreased to 9.7 percent in the second quarter of 2022, from 10.1 percent in the first quarter of 2022. The unemployment rate for Saudi females also decreased, reaching 19.3 percent compared to 20.2 percent, and the unemployment rate for Saudi males declined to 4.7 percent from 5.1 percent in the previous quarter.

• Saudi Arabia’s Point of Sale (POS) transactions increased by SAR181.6 million ($48.4 million) last week to a total of SAR10.4 billion, according to data from the Saudi Central Bank. Growth was led by ‘Hotels’ (+23.2 percent), ‘Electronic Devices’ (+21.5 percent), ‘Furniture’ (+18.7 percent), and ‘Clothing and Footwear’ (+15.6 percent).