Saudi Economic Data is reasonable – Al-Rajhi Capital

Monthly data of Saudi economy is good as the GDP grew by 6.7% during Q4 2021 against the same period a year ago, this growth was supported mainly by oil activities (which rose 10.9% Y/Y), Al-Rajhi Capital said.

Saudi non-oil activities soared 5.1% (Y/Y), while governmental ones rose 2.4%. S&P assured the Kingdom’s rating at “A-” with positive outlook from negative.

Al-Rajhi added that average monthly wages of Saudis declined 2.8% (Q/Q) to SR 10186, while unemployment fell at 11% from 11.3% during the same period of 2020, and Saudi participation in workforce rose to 51.5% in Q4 2021 compared to 49.8% a year ago.

Moreover, net profits of Saudi banks after zakat and tax jumped 55.2% to SR 4.8 billion in February 2022 (Y/Y).

Saudi Central Bank (SAMA) reserves rose 0.5% in February 2022 to SR 368.1 billion.