Ministry of Economy and Planning: Saudi GDP grew3.8% by Q1 ‎end ‎

The real GDP of the Kingdom grew by 3.8% in the first quarter of this year 2023 on an annual basis. This growth reflects the rise achieved by non-oil activities at a rate of 5.4% in the first quarter of this year on an annual basis, supported by the performance of the non-oil private sector and the continued growth of oil activities by 1.4%.

The quarterly economic report of the Ministry of Economy and Planning indicated that total government revenues increased by 1% on an annual basis, to reach about 280 billion riyals in the first quarter of 2023, while government expenditures increased to about 283 billion riyals in the first quarter of 2023. An increase of 29% compared to the same period of the previous year

The general budget for the first quarter of the current year 2023 achieved a deficit of 2.9 billion riyals, compared to a surplus of about 57 billion riyals during the same period last year. The total money supply (M3) increased on an annual basis by 9.96% in the first quarter of 2023, supported by the growth of all components except demand deposits. Bank credit achieved an annual growth of 11.8% in the first quarter of the same year, supported by the growth of all economic activities and individual loans, except for education activities, manufacturing activities, and agricultural and fishing activities.

Saudi Central Bank “SAMA” continued to raise the interest rate for the second time during the first quarter of 2023 by 25 basis points, in conjunction with the US Central Bank, which resorted to raising interest rates to control the rise in inflation. The average interest rate among local banks for a period of three months (SIBOR) increased to 5.49% in the first quarter of 2023.