Jadwa Investment’s latest Chartbook monthly economic report said the Saudi economy showed signs of cooling with the non-oil Purchasing Managers Index (PMI) dipping lower following a 39-month peak in the previous month.
Data on consumer spending also showed a seasonal decline, according to the Jadwa Investment report.
Non-oil PMI dipped lower following a 39-month peak in the previous month.
Additionally, “bearish oil markets continued to affect sentiment in the TASI as it fell month-on-month, in November. The last week of November saw the steepest declines after the OPEC meeting, which added to negative investor sentiment.”
Conversely, bank lending to the private sector increased, growing “strongly in both year-on-year (16 percent), and monthly terms (2.8 percent), recording its highest monthly growth since May 2008.”
