Saudi Arabia’s real GDP grew 2.7% y-o-y in Q1 2025, driven by a 4.2% rise in non-oil GDP, while oil GDP declined by 1.4%, according to flash estimates by GASAT.
The non-oil PMI reached 58.1, and remained above the long-run average of 56.9, indicating continued growth. Strong demand supported sales and output, while businesses increased employment to sustain output growth despite rising input costs, said an AL Rajhi Capital report.
Consumer spending rose 17.3% y-o-y to SAR148 billion in March 2025. POS transactions increased 10.0% y-o-y, while cash withdrawals grew 8.2% y-o-y. E-commerce surged 73.4% y-o-y. Jewelry (+77.3% y-o-y) and Clothing & Footwear (+38.1% y-o-y) recorded the highest POS transaction growth.
CPI rose 2.33% y-o-y in March (vs. +1.96% in February), mainly driven by a 6.91% y-o-y increase in rentals.
Wholesale Price Index (WPI): WPI grew 1.53% y-o-y in March (vs. +1.54% in February), mainly due to a 3.19% rise in Transportable Goods.
Spot Brent crude fell 11.5% on average in April, amid concerns over Trump tariffs impacting global trade.
Oil output averaged 8.95mbpd in March 2025, slightly down from 8.97mbpd in February.
Index of Industrial Production (IIP) declined 0.2% y-o-y in February, driven by a 0.7% drop in Mining and Quarrying activity.
Total sales of Saudi Arabia's 17 cement firms fell 2% y-o-y to 3.6mn tons in February, down from 3.7 million tons last year.
Non-oil exports rose 14.3% y-o-y in February, up from 11.5% y-o-y in January, led by Chemical Products (+20.3% y-o-y).
Credit growth remained solid in March, rising 15.0% y-o-y, mainly driven by corporate loans, the Al Rajhi Capital report said. -TradeArabia News Service