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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Monthly Macroeconomic Report-January 2019