Jadwa Investment’s recently released July 2016 Chartbook reveals economic data for Saudi Arabia trending toward the positive for the month of May, citing data on ATM withdrawals and point-of-sales transactions showing seasonal increases. Cement sales and PMI data also showed a slight acceleration in activity.
Oil Prices have recovered from the bottom since January 2016.
The government also has reversed the months-long decline in assets at SAMA. The change in government accounts at SAMA posted its second consecutive net monthly addition, rising by SR13.1 billion ($3.5b) in May.
May’s rise in SAMA accounts was a first in 16 months. “This increase reflected, in part, the gradual recovery of oil prices, as well as more efficient spending by the government,” Jadwa said.
Brent and WTI showed gains in June, and Saudi crude oil production was flat month-on-month in May, at 10.3 mbpd.
