Jadwa Investment’s Saudi Chartbook for the month of August found points of “resilience” in economic activity, according to chief economist and head of research Fahad Al-Turki.
“June data showed resilience in economic activity. Data on point-of-sale transactions and ATM withdrawals came out strong, while the non-oil PMI continued to reflect an expanding non-oil economy,” Jadwa said.
Quarterly real GDP growth in Saudi Arabia.
Data on Q1 real GDP growth showed that the economy expanded by 1.5 percent, year-on-year. Growth was mainly due to a positive contribution from the oil sector. The monthly change to government accounts returned to negative territory in June following two consecutive net monthly additions.
The bank also noted that in June, SAMA foreign reserves fell by $11.2 billion, its fastest monthly decline in six months, reaching $570 billion.
[Click here to see the full report as a .PDF from Jadwa Investment]
