Saudi Arabia Economic Snapshot - October 2024

Steady Inflation, Robust Housing Market

- CPI inflation holding steady at 1.7% YoY in September, averaging 1.6% YTD.

- Housing sector booming: 9.3% YoY price growth, driven by urbanization and population growth.

Economic Resilience Amid Global Challenges

- IMF revises 2024 GDP growth to 1.5%, with a projected leap to 4.6% in 2025.

- Non-oil sector shows strength, growing 4.9% in Q2 2024.

Consumer Spending and Fiscal Outlook

- Real household spending forecast: 2.7% YoY growth in 2024.

- Budget deficit projected at 2.9% of GDP for 2024, wider than earlier estimates.

Vision 2030 in Action

- Government emphasizing transformative expenditures for sustainable economic advancement.

- Leveraging sovereign and development funds to empower private sector growth.

Challenges and Opportunities

- Oil price fluctuations remain a key economic driver.

- Hosting major events like World Cup 2034 and Expo 2030 to boost long-term growth.

Saudi Arabia continues to navigate global economic headwinds with strategic investments and reforms, balancing fiscal prudence with ambitious development goals. The kingdom's economic diversification efforts are gaining traction, positioning it for resilient growth in the coming years.

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