Monthly Reports 2019
We are pleased to announce our January 2019 edition of the MEFIC Macroeconomic Monthly. In this edition, we review the performance of key macroeconomic indicators in Saudi Arabia during the year 2018 as follows:
•GDP Growth – Quarterly GDP growth accelerated to 2.5% YoY in Q3 2018, the highest rate of growth since Q1 2016, after registering the growth of 1.2% YoY and 1.6% YoY in Q1 and Q2 2018 respectively.
• Inflation – In 2018, inflation rose by an average of 2.5% YoY for 11 months up to November 2018, compared to de-growth of 0.8% YoY during the same period last year.
• Bank Credit – Overall bank credit rose 2.2% YoY to SAR 1.437 trillion by the end of November 2018, the fastest rate of growth since December 2016, largely due to the growth of 2.3% YoY in the credit to private sector, which more than offset 0.6% YoY fall in the credit to public sector.
• Consumer Spending –The value of PoS transactions and ATM withdrawals averaged a growth of 16.5% YoY and 3.3% YoY respectively up to the first 11 months till November 2018.
• Oil production – Saudi Arabia increased oil production 3.6% YoY to average 10.32 million barrels of oil per day (mbpd) in 2018, from 9.97 mbpd in 2017.
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We are pleased to announce our February 2019 edition of the MEFIC Macroeconomic Monthly. We highlight the trends in select macroeconomic indicators as follows:
•Annual GDP growth amounted to 2.2% YoY in 2018, from contraction of 0.7% in 2017. Oil and non-oil sectors grow 2.9% YoY and 2.1% YoY respectively.
• As per OPEC agreement to cut oil output from the start of 2019, Saudi Arabia reduced oil production 4.2% MoM to 10.2 million barrels of oil per day (mbpd) in January 2019.
• Saudi Arabia’s inflation rate slowed to 2.2% YoY in December 2018, compared to 2.8% in the previous month.
• Growth in Saudi Arabia’s non-oil private sector rose to a 13-month high in January, with the PMI index rising to 56.2 from 54.5 in December 2018.
• Overall bank credit rose 2.8% YoY by the end of December 2018, the fastest rate of growth in two years, largely due to the growth of 2.9% YoY in the credit to private sector.
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