#Saudi economy show healthy figures in November | ZAWYA MENA Edition

Saudi economy show healthy figures in November | ZAWYA MENA Edition

Saudi Arabia’s key economic indicators look healthy, a report said, adding that the money supply (M3) expanded 11.6% y-o-y in November, supported by a rise in M1 and M2, increasing 13.0% and 12.4%, respectively.

Credit to the private sector also increased 15.8% y-o-y in November, while bank claims on the public sector advanced 15.9% y-o-y in November and the deposits grew by 11.9% y-o-y in November, said Al Rajhi Capital, a leading financial services provider in the kingdom.

Further, the banking sector profits increased 9.8% y-o-y to SR4.1 billion in November (+15.8% y-o-y in October). Moreover, growth in mortgage continued with 79% y-o-y in November, driven by House and Apartment mortgages, which grew 86% y-o-y and 66% y-o-y, respectively. LDR came in at 74.9% in November Vs 75.6% in October.

POS transactions continued to maintain the uptrend, growing 32.6% y-o-y in November, driven by increase in ‘Food & Beverages’ (+57.7% y-o-y), ‘Restaurants & Hotels’ (+55.6% y-o-y), and ‘Clothing & Footwear’ (+8.5% y-o-y) segments. The spending in the local market, especially in the retail, food & beverages, and health segments, continues to support the economy.