Saudi Arabia’s non-oil economy continued to grow in September as data continues to point to 2022 being a year in which the Kingdom outperforms economies around the world in growth, according to the latest Jadwa Investment Chartbook for the month of September 2022.
Non-oil PMI stood at 56.6, down slightly from 56.7 in August. Any number above 50 points indicates growth. Elevated levels of business activity and new orders kept the headline survey in expansion mode, Jadwa noted. Non-oil exports rose by 16.6 percent year-on-year.
Non-oil PMI for September 2022. Graphic via Jadwa Investment.
Consumer spending was up 12.2 percent year-on -year in September, but declined by 3 percent month-on-month from August, according to Jadwa.
Saudi Arabia’s SAMA FX reserves increased by $10.9 billion month-on-month in September, to stand at $468.3 billion.
On inflation, consumer prices rose by 3.1 percent year-on-year, and by 0.3 percent month-on-month in September. Within the CPI basket, the category including “restaurants and hotels” rose by 7.5 percent year-on-year, and 0.2 percent month-on-month. “Rentals for housing” continued rising in September, up by 3.6 percent year-on-year, and 1.3 percent month-on-month.
In the real estate sector, prices rose by 1.5 percent, year-on-year in Q3 2022, and by 0.3 percent quarter-on-quarter, Jadwa noted. While residential real estate prices continued to push total prices up, commercial real estate prices continued to decline on a yearly basis.
