Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s real GDP grew by 12.2 percent YoY in the second quarter of 2022, recording the highest growth since the third quarter of 2011, according to the General Authority for Statistics. Real GDP grew by 2.2 percent QoQ.
- The Public Investment Fund (PIF) announced the launch of the National Real Estate Registration Services Co. (RER), which aims to contribute to the digitization and development of the local real estate sector through a comprehensive digital platform, in cooperation with the Real Estate General Authority and other government entities.
- Industrial Production in Saudi Arabia increased 17.7 percent YoY in July of 2022, the smallest gain in six months. Mining and quarrying grew by 14.1 percent as Saudi Arabia increased its oil production to its highest level by more than 10 million barrels per day. Manufacturing activity increased 32.6 percent and electricity and gas supplies by 5 percent.