Saudi Arabia’s real GDP grew by 4.4% y-o-y in Q4 2024, the highest growth rate in two years, driven by a 4.6% rise in non-oil GDP, while oil GDP also increased by 3.4%, according to estimates by GASAT.

 

Saudi Arabia recorded SAR57.7 billion ($15.38 billion) budget deficit in Q4 2024, widening from SAR30.2 billion ($8.05 billion) in Q3. Total government revenues fell 15.4% y-o-y to SAR302.9 billion, while expenditure declined 8.7% y-o-y to SAR360.5 billion, noted an Al Rajhi Capital research report.

 

Non-oil exports rose 18.1% y-o-y in December, compared to 20.4% y-o-y growth in November. The increase was led by Chemical Products (+13.8% y-o-y).

 

Saudi Arabia’s non-oil private sector saw its strongest growth in a decade in January 2025, with PMI rising to 60.5, driven by surging new orders and business activity, said 

Cement sales jumped 7.3% y-o-y to 5 million tons in January, up from 4.7 million tons a year earlier. 

 

Consumer spending rose 11.1% y-o-y to SAR127 billion ($33.86 billion) in January 2025. The value of POS transactions grew 8.2% y-o-y, while cash withdrawals increased 4.0% y-o-y. E-commerce surged 44.6% y-o-y. Jewellery (+24.7% y-o-y) and Clothing & Footwear (+13.9% y-o-y) saw the highest growth in POS transactions.

 

Consumer Price Index (CPI) increased by 1.97% y-o-y in January (+1.93% y-o-y in December), mainly driven by rentals increase (+8.05% y-o-y).

 

Wholesale Price Index (WPI) rose 0.86% y-o-y in January (1.20% y-o-y in December), mainly due to a 1.52% increase in Other Transportable Goods.

 

Meanwhile, the spot Brent crude price fell 2.8% on average in February, amid concerns over the global economic outlook and rising trade.

 

Saudi oil production averaged 8.94mbpd in January 2025, slightly down from 8.95mbpd in December 2024. Crude oil exports declined by 60kbd to 6.16mbpd in December 2024.

 

Index of Industrial Production (IIP) IIP increased 2.1% y-o-y in December, mainly driven by a 6.3% rise in Manufacturing Industry activity.

 

Credit growth in January 2025 continues to be solid as it grew by 14.7% y-o-y, mainly driven by corporate loans, the report said. -TradeArabia News Service