Saudi Non-Oil GDP Rises as Vision 2030 Reforms Kick In

Economic indicators from the month of November show a continued positive trend for Saudi Arabia, with non-oil GDP surging and credit to the private sector rising to the highest rise in 3 years, Jadwa Investment said. 

The recent data revealed in Jadwa’s January 2020 Saudi Charbook showed POS transactions rose significantly by 30 percent year-on-year, and the non-oil PMI index continued to rise.

Total bank claims rose by 8 percent in November year-on-year. Credit to the private sector rose by 5 percent, year-on-year, the highest rise in 3 years. Also, new mortgages from banks rose by 159 percent year-on-year in November, according to Jadwa.

Although data on Q3 2019 real GDP showed that the economy contracted by 0.46 percent, year-on-year, the oil sector contributed significantly to that, declining by 6.4 percent. Non-oil GDP rose by 4.3 percent.

Additionally, the Kingdom’s SAMA FX reserves rose by $11 billion month-on-month to stand at $500 billion in November.

[Click here to read the full report by Jadwa Investment] [Arabic]