Saudi Arabia’s economy continues its streak of growth with positive data points in key areas like non-oil PMI, consumer spending, and point of sale transactions, according to the latest monthly chartbook released by Jadwa Investment.
Jadwa Investment said in its recently-released chartbook that the non-oil PMI increased month-on-month in October 2022, up to 57.2 compared with 56.6 in September, “associated with higher new orders and business optimism.” In addition, cement sales and production were up during October, by 9 percent and 7.5 percent year-on-year, respectively.
Any number over 50.0 in the non-oil PMI indicates economic growth.
Latest available data for September showed non-oil exports down by 3.4 percent year-on-year.
SAMA FX reserves declined by $4.2 billion month-on-month in October, to stand at $464.1 billion. The monthly decline was led by a decrease in bank deposits, which were down by $7.4 billion. Meanwhile, foreign securities rose by $3 billion, month-on-month.
Oil prices declined in November, with Brent oil prices down by 2 percent (to an average of $93 per barrel), and WTI oil prices down by 3 percent (to an average of $85 per barrel), month-on-month.
Saudi Arabia’s stock market benchmark index, the TASI, declined in November on a month-on-month basis, down by 6.6 percent, with most major regional indices declining during the month, despite rises in many global markets. Meanwhile, average traded volumes declined marginally during November, month-on-month, Jadwa said.
[Click here to read the full report from Jadwa Investment] [Arabic]
