Monetary update (June 2013): Credit expands, but not deposits
Macroeconomic ReportSAMA released data on monetary indicators for the month of June. All indicators are healthy, though some decline compared with the previous month. Net credit issued to the private sector increased by SR13.9 billion to record an annual growth of 15.9 percent, total deposits slipped by SR3.6 billion, SAMAs reserve assets slipped by SR2.4 billion, and bank excess deposits contracted to SR56 billion, though they are still higher than a year earlier.
Monetary update (May 2013): Credit growth continues to rise
Macroeconomic ReportSAMA released recently data on monetary indicators for the month of May. All indicators are healthy in the month, as the net credit to the private sector increased 16,5 percent year-on-year, total bank deposits increased by SR17.7 billion, SAMAs reserve assets continued to grow and added SR31 billion, and bank excess deposits with SAMA remained elevated at SR79.9 billion reflecting the strong liquidity of the domestic banks.
Monetary update- April 2013
Macroeconomic ReportThe current monetary conditions in the Kingdom reflect the strong performance of domestic economic activities. In this report, we take a closer look at the recent monetary developments in the Kingdom. Net credit issued to the private sector and banks deposits maintained an upward trend. SAMAs gross foreign assets continued to grow and Bank excess deposits with SAMA remained elevated reflecting the strong liquidity position of the domestic banks.
The Saudi economy in 2013
Macroeconomic ReportWe expect another year of solid economic performance in 2013. Non-oil growth will be strong and inflation should slightly ease. Lower oil production will cause total real economic growth to slow, and combined with lower oil prices, will reduce the budget and current account surpluses. High government spending will remain the engine of the non-oil economy.
Strong economic growth in the third quarter
Macroeconomic ReportThe latest economic growth data released last week confirm that the healthy performance of the Saudi economy continued into the third quarter of 2012. In real terms (that is, adjusted for price movements) the economy was 5.87 percent larger in the third quarter of 2012 than in the same quarter of 2011. This strong performance was mainly driven by a solid growth in the non-oil government sector.
