The Saudi economy in 2013
Macroeconomic ReportWe expect another year of solid economic performance in 2013. Non-oil growth will be strong and inflation should slightly ease. Lower oil production will cause total real economic growth to slow, and combined with lower oil prices, will reduce the budget and current account surpluses. High government spending will remain the engine of the non-oil economy.
Monetary update- April 2013
Macroeconomic ReportThe current monetary conditions in the Kingdom reflect the strong performance of domestic economic activities. In this report, we take a closer look at the recent monetary developments in the Kingdom. Net credit issued to the private sector and banks deposits maintained an upward trend. SAMAs gross foreign assets continued to grow and Bank excess deposits with SAMA remained elevated reflecting the strong liquidity position of the domestic banks.
Saudi Economy: still shining
Macroeconomic ReportDespite the prevailing global economic gloom, the Saudi economy continues on a solid growth path. We have revised some of our 2012 forecasts to take account of a recent flow of data that has generally been stronger than we had expected. Higher oil production despite a difficult global environment will keep the hydrocarbon sector growth elevated at 6.1 percent this year. As a result, we have also raised our projections for both the budget and current account surpluses. We maintain our baseline scenario which is centered on government spending leading non-oil growth to 5.7 percent this year. All in all, we now expect the Saudi economy to expand by 5.8 percent in 2012.
Strong economic growth in the third quarter
Macroeconomic ReportThe latest economic growth data released last week confirm that the healthy performance of the Saudi economy continued into the third quarter of 2012. In real terms (that is, adjusted for price movements) the economy was 5.87 percent larger in the third quarter of 2012 than in the same quarter of 2011. This strong performance was mainly driven by a solid growth in the non-oil government sector.
Rapid growth in the Kingdom’s foreign assets – April 2012
Macroeconomic ReportFor the first time, data on the total foreign assets and liabilities of all components of the Saudi economy (government, companies and individuals) has been published. It shows that their combined foreign assets grew rapidly in recent years to stand at $707 billion at the end of 2010. This is very high and represents a core source of strength for the economy.
