Saudi Arabia Economic and Investment Chartbook

Q3 2023
 01 Global Economy
1.1 Economic Outlook
1.2 Energy Market
Performance of The Saudi Economy

02
2.1 GDP by Economic Activities & Expenditure
2.2 Public Finance Performance Outlook
2.3 Fiscal Performance
2.4 Prices Indicators
CONTENTS

2.5 Real Estate Indicators

TABLE OF

2.6 Consumption Indicators

2.7 Trade Indicators
2.8 Monetary Indicators

03
2.9 Financial Market
2.10 Selected Economic Sectors (Industrial)
The Kingdom and the Global Position in Investment Indicators
3.1 Investment Indicators

04 3.2 The Kingdom in internatioanl indicators

The Kingdom's and the Global Statistics of Labor Market
4.1 Labor Market

05
4.2 Labor Statistics
Global Commodities and Currencies Markets
5.1 Commodities Prices
5.2 Currencies Market
Executive Summary

• Saudi Arabia is expected to achieve a growth rate of 0.8% in 2023 and 4.0% in 2024, according to the World
Economic Outlook report for Oct 2023 released by IMF.
Global • Budget Statement for the fiscal year 2024 released by Ministry of Finance projected the growth of Saudi economy
Economy at 0.03% in 2023, Moreover, Ministry of Finance projected real GDP growth by 4.4% in 2024.
• Saudi Arabia ranked 4th among G20 countries in Projected GDP Growth Rate of 2024, according to the World
Economic Outlook report for Oct 2023 released by IMF.
• Average Oil prices (Brent) decreased in Q3 2023 by 12.1% YoY, at an average price of $86 per barrel, as a result of
the increase in the global supply of oil outside OPEC+.

• The Real GDP witnessed a growth of 0.1% in 2023 up to Q3 2023, this is due to increase in non-oil activities and
Performance government activities, with growth rates of 4.7% and 1.7% respectively in the same period. While, the GDP down by 4.4%
of The Saudi
in Q3 2023 compared to the same quarter of the previous year. The decline was due to the oil activities decreased by
Economy
17.0% in the same period. While non-oil activities and government activities increased by 3.5% and 1.9%, respectively, in
the same period.

01
Executive Summary
• Government Expenditure recorded a growth of 2.3% YoY in Q3 2023; due to rose government spending on
macro projects.

• Total Government Revenues decries by 14.4% YoY in Q3 2023 recording SAR 259 billion.

• In Q3 2023, the Budget recorded a deficit of SAR 35.8 billion, compared to a surplus of SAR 14.1 billion in Q3
2022.
• According to Budget statement for FY 2024 released by Ministry of Finance Total revenues is Projected to
Performance reach SAR 1,193 billion in the FY 2023. Also, it is estimated Total Expenditures to reach SAR 1,275 billion
of Saudi in 2023, with a Deficit of SAR 82 billion in the same period.
Economy
• The consumer price index (CPI) in the Kingdom increased by 2.0% YoY in Q3 2023, while the wholesale
price Index (WPI) recorded a decrease of 0.3% in the same period.
• REPI increased by 0.7% YoY in Q3 2023, mainly due to the increase in residential real estate prices of 1.1%.

• Consumption indicators increased by 1.5% YoY in Q3 2023. The PoS transactions by sectors show that
Beverage and Food, and Restaurants & Café recorded the highest growth rates in Q3 2023.

• Overall Merchandise Exports decreased by 24.9% to SAR 300 billion YoY in Q3 2023. This decrease
originated mainly from oil exports, which decreased by 27.8% YoY.

02
Executive Summary

• In Q3 2023, the Main Exported goods after excluding Mineral products were ’Products of the chemical and
allied industries and ’Plastics and articles thereof; rubber and articles thereof’ which amounted respectively at
6.4% and 6.1% of total Merchandise Export.
• Foreign Personal Transfers recorded a decrease by 10.0% in Q3 2023 YoY. Foreign Assets also recorded a
decrease by 6.2% in the same period, which might be due to the financing of investments and giga projects.
Performance
of The Saudi • SAMA raised interest rates for each of the Repo Rate and the reverse repo rate in Q3 2023 by 25 basis points
Economy compared to the previous quarter, to reach 6.1% and 5.3%, respectively, in the same period; In response to
global developments and keeping pace with the decisions of the US Federal Reserve to counter inflation and
maintain monetary stability.
• Financial Market witnessed improvements due to the Government's efforts to enhance the regulations and
policies, and Foreign Investors’ Ownership recorded a rise of 6.2% in Q3 2023 YoY, and number of newly
companies Parallel Market (NOMU) recorded an increase about 100% YOY.

02
03
Executive Summary

• Total Nominal Fixed Capital Formation recorded a growth by 9.9% to Q3 2023 compared to same period of
previous year.
• Number of Investment Licenses issued by MISA recorded an increase of 136% YoY, with a total of 2192 issued
licenses in Q3 2023, compared to 929 licenses in the last quarter, due to the enhancements in the Kingdom’s
Saudi Arabi investment ecosystem.
Global • the Capital of newly licensed factories reached to SAR 8.1 Billion in Q3 2023. New licensed factories
Position in increased by 83.9% in the same period.
Investment
• Purchasing Managers Index (PMI) registered a slight increase of 0.5% to reach 57.2 points in Q3 2023,
Indicators
compared to 56.9 points in Q3 2022.
• The Kingdom achieved remarkable places in several International Indicators, 1nd in in Consumer Confidence
Index, and 5th in Edelman Trust Index.

04
* Figures excluding investment licenses granted under the “Tasattur” anti-concealment campaign
Executive Summary
• Total Unemployment Rate decreased to 4.9% in Q2 2023 compared to 5.1% in Q1 2023.
Saudi Arabia • Unemployment Rate for Saudi decreased to 8.3%, and non-Saudi to 1.5% YoY in Q2 2023.
and the • Saudi Males Unemployment Rate in Q2 2023 YoY recorded 4.6%, also Saudi Females Unemployment Rate
Global
Statistics of decreased to 15.7% in the same period.
Labor • Outward Remittance Flows as a percentage of GDP based on the top 10 countries are considered high for GCC
Market countries due to high dependency on the Non-National Labor in private sector.

• Migrant Remittance Inflows as a percentage of GDP based on the top 10 countries are considered low for GCC
countries due to the low percentage of National Labor abroad compare the low income countries.

• Average Commodity Prices Corn and Wheat decreased by 27.2% and 17.5%, respectively, in Q3 2023 YoY, due to
Global
Financial the abundant global harvest. Whereas, the Average Price of Rice increased by 39.9% during the same period.
Market • Currencies Market showed declines in several currencies against the US dollar, while the euro and British Pound
rebounded against the US dollar.

05
Global Economy
 Economic Outlook

Saudi Economic Growth Forecasts 2023-2024 (%) 2023

Figure 1
2024
4.4
4.0

3.3
3.0

2.2
1.9

0.8

0.03

OECD IMF WB MoF

• Budget Statement Fiscal Year 2024 released by Ministry of Finance projected the growth of Saudi economy at 0.03% in 2023,
Moreover, Ministry of Finance projected real GDP growth by 4.4% in 2024 which is higher than the forecasts of International
Organizations.
• Overall A lower growth rate is projected for the Saudi economy in 2023 after the 2022 strong growth, in conjunction with the decline
in global activity.

06
Source: MoF (Budget Statement for the fiscal year 2024) , IMF Report (WEO, Oct 2023), World Bank Report (Global Economic Prospects, June 2023, OECD (OECD Economic Outlook, Nov 2023
 Economic Outlook

Projected GDP Growth Rate of 2024 - G20 Countries

Figure 2
8 6.3
6 5.0
4.1 4.0
2.8 3.2
4 2.4 2.3 2.0 2.0 2.0 1.9 1.8 1.8 1.6 1.5
2 1.0 1.0 0.6
0
-2
-4
-6

France
Canada

Brazil
India

China

Korea

United States

Russia

Japan
Germany

Italy
Australia

United Kingdom
Turkey
Indonesia

Saudi Arabia

South Africa
Argentina

Mexico
Source: IMF

Projected GDP Growth Rate of 2024 - G20 Countries

Table 1
Saudi South United United
Country India Indonesia China Turkey Argentina Korea Australia Mexico Canada France Germany Russia Brazil Japan Italy
Arabia Africa Kingdom States
2020 -5.8 -2.1 2.2 -4.3 1.9 -9.9 -0.7 -6.3 -1.8 -8.7 -5.1 -7.7 -3.8 -2.7 -3.3 -11.0 -2.8 -4.2 -9.0
2021 9.1 3.7 8.4 3.9 11.4 10.7 4.3 4.7 5.2 5.8 5.0 6.4 3.2 5.6 5.0 7.6 5.9 2.2 7.0
2022 7.2 5.3 3.0 8.7 5.5 5.0 2.6 1.9 3.7 3.9 3.4 2.5 1.8 –2.1 2.9 4.1 2.1 1.0 3.7
2023* 6.3 5.0 5.2 0.8 4.0 –2.5 1.4 0.9 1.8 3.2 1.3 1.0 –0.5 2.2 3.1 0.5 2.1 2.0 0.7
2024* 6.3 5.0 4.2 4.0 3.0 2.8 2.2 1.8 1.2 2.1 1.6 1.3 0.9 1.1 1.5 0.6 1.5 1.0 0.7

07
Source: IMF, World Economic Outlook Update oct 2023
* Projections
 Energy Market
Saudi Arabia Oil Production OPEC Oil Production
Figure 3 Figure 4

Mn barrel/day % Mn barrel/day %
12 30 35 15
25
10 30 10
20
15 25 5
8
10 0
20
6 5 -5
0 15
-10
4 -5 10 -15
2 -10
5 -20
-15
0 -20 0 -25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Average oil production in Saudi Arabia (Left exis) Growth rate (Right exis) OPEC oil production (Left exis) Growth rate (Right exis)

• Average oil production for Saudi Arabia recorded YoY increase by 17.5% in Q3 Oil production Oil production
2023, reaching an average total production of 8.9 million barrels per day due to (Saudi Arabia) (OPEC)
the Kingdom's continues voluntary reduction of oil production in the same period.
• OPEC Oil Production also increased by 6.3% in Q3 2023 YoY, reaching an average -17.5% -6.3%
total production of 27.5 million barrels per day where Saudi Arabia’s Oil Q3 2023 YoY Q3 2023 YoY
Production represents around 32.6% of the total production of OPEC.

08
Source: OPEC Monthly Oil Market Report, November 2023
 Energy Market
Average Oil Prices (Brent) Natural Gas Prices
Figure 6 Figure 6

USD/per barrel % USD/mmBtu* %

120 110 9 200
90 8
100 150
70 7
80 50 6 100
30 5
60 50
10 4
40 -10 3 0
-30 2
20 -50
-50 1
0 -70 0 -100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2020 2021 2022 2023 2019 2020 2021 2022 2023

Average Oil price (Brent, Left axis) Growth Rate % (Right axis) Natural gas prices (Left axis) Growth Rate % (Right axis)

• Average Oil prices (Brent) decreased in Q3 2023 by 12.1% YoY, at an average

price of $86.0 per barrel, as a result of the increase in the global supply of oil Oil Prices Natural Gas Prices
outside OPEC+.
-12.1% -67.6%
• Natural Gas prices also decreased by 67.6% in Q3 2023 YoY, reaching an average
price of $2.6, and this is due to the decrease in demand for gas as a result of the Q3 2023 YoY Q3 2023 YoY
high temperatures.

09
Source: OPEC Monthly Oil Market Report, November 2023, EIA
* Million Metric British Thermal Unit
Performance of The
Saudi Economy
 Saudi Arabia GDP

Saudi Arabia GDP by Main Economic Activities

Figure3
• According to the General
Authority for Statistics
% (GASTAT) data, the GDP down
25
by 4.4% in Q3 2023 compared to
20
the same quarter of the previous
year. The decline was due to the
15
oil activities decreased by 17.0%
10
in the same period. While non-
5
oil activities and government
0
activities increased by 3.5% and
-5
1.9%, respectively, in the same
-10 period.
-15

-20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

Real Gross Domestic Product Oil Activities Non-Oil Activities Government Activities

10
Source: GASTAT
 GDP by Economic Activities & Expenditure
GDP Growth by Top 5 Economic Activities
Figure 8
%

50 • In Q3 2023, Community, Social &

40 Personal Services activity
recorded a high increase of
30
20
10
0
11.8% YoY; Moreover, the
-10 Finance, Insurance & Business
Services, and Wholesale & Retail
-20
-30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Trade, Restaurants & hotels
activites recorded an increase of
2019 2020 2021 2022 2023

Community, Social & Personal Services Finance, Insurance & Business Services Wholesale & Retail Trade, Restaurants & hotels Transport, Storage & Communication Agriculture
6.2% and 5.4% YoY ,respectively.

Govt. & Private Consumption Expenditure

Figure 9
• In Q3 2023, government
% expenditure recorded a growth
of 6.8% YoY; due to government
25
20

spending on macro projects.

15
10
5
0
-5
-10
-15
-20
-25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023

Gross Final Consumption Expenditure Govt. Final Consumption Expenditure Private Final Consumption Expenditure

11
Source: GASTAT
 Public Finance Performance Outlook
Budget estimates performance
Medium-term Fiscal Projections for Saudi economy in Q3 2023
Table 2

Actual Actual Budget Projections Budget Estimations

Revenues
2021 2022 2023 2023 2024 2025 2026
SAR Billion
259
Total Revenues 965 1,268 1,130 1,193 1,172 1,227 1,259 SAR Billion

1,039 1,164 1,114 1,275 1,251 1,300 1,368

Expenditures
Total Expenditures

Surplus/(Deficit) -73 104 16 -82 79- 73- 109-

294
Surplus/(Deficit) as % of SAR Billion
-2.3% 2.5% 0.4% -2.0% %1.9- %1.6- %2.3-
GDP

Budget
• According to Budget statement for FY 2024 released by Ministry of Finance Total revenues is Deficit/Surplus
Projected to reach SAR 1,193 billion in the FY 2023. Also, it is estimated to reach SAR 1,172
billion in 2024. - 35.8
• The budget performance data in Q3 2023 indicates that the budget recorded a Deficit of SAR 35.8 SAR Billion
billion in Q3 2023.

12
Source: MoF (Budget Statement for the fiscal year 2024)
Fiscal Performance

Government Expenditures (SAR BN)

Figure10

160 176
157 145
103 129 123
131 120 124
*Other Current Expenses (opax)
67
61
86 73 89 103
74
108 86 80
52
• In Q3 2023, Government
48 65 53 43 41
Non-financial Assets (capex) 29 31 28 29 32 15 22 27 15 36 40 26
Expenditures increased by 2.3%
Compensation of Employees
122 130 121 132 125 125 120 125 123 123 123 127 125 126 127 135 134 132 131 YoY, due to a higher spending Use
of Goods and Services by 34.1%,
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 and Financing Expenses by
2019 2020 2021 2022 2023 18.4%.
• Total Government Revenues
decries by 14.4% YoY in Q3 2023
recording SAR 259 billion.
Government Revenues (SAR BN)
Figure11
120
73 124 135
86 104 94 102
76 95 112
116
75 95 63 123 144 88
Non-Oil Revenues
38 250 229
169 175 165 184 194 179 180
Oil Revenues 132 129 132 148 147
119 96 93 96 117

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

13
Source: MoF
* The indicator was calculated based on data from the Ministry of Finance, where other current expenditures represent total expenditures minus compensation of employees and non-financial assets.
 Fiscal Performance

Surplus/(Deficit)
Figure 12

(SAR BN)
• In Q3 2023, the Budget
77.9 recorded a deficit of SAR
27.8
57.5 35.8 billion, compared to a
14.1
-4.6
6.7 -2.9 surplus of SAR 14.1 billion in
-7.4
-33.5 -32.2 -34.1 -40.8 -5.3 Q3 2022.
-45.7 -35.8
-68.1
-94.7 -109.2 -109.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

Surplus Deficit

14
Source: MoF
 Economic Prices Indicators

Consumer Price Index (CPI) Wholesale Price Index (WPI) Consumer Confidence Index (CCI)
Figure 13 Figure 14 Figure 15
Index number Index
Index number % % %

112 8 160 18 80 25
110 140 16
70 20
108 6 14
106 120 12 60 15
104 4 10
100 50 10
102 8
2 80 40 5
100 6
98 0 60 4 30 0
96 2
40 20 -5
94 -2 0
92 20 10 -10
-2
90 -4 0 -15
0 -4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

CPI (Left axis) Growth Rate (Right axis) WPI (Right axis) Growth Rate (Left axis) CCI (Laft axis) Growth rate (Right axis)

Source: GASTAT Source: GASTAT Source: IPSOS

Inflation (the G20 countries) Q3 2023

• The Saudi consumer price index (CPI)
rose by 2.0% YoY in Q3 2023, while the
Wholesale Price Index (WPI) fell by 0.3%
in the same period.
-0.1% 2.0% 3.5% 4.6% 4.6% 6.3% 6.4% 56.2% 125.9%

Source: MoF
15
 Real Estate Indicators
Real Estate Price Index Cement Sales
Figure 16 Figure 17

Index number %
Thousand Tons %
83 2
16000 40
83 1
82 14000 30
0
82 12000 20
-1
81 10000
-2 10
81 8000
-3 0
80 6000
80 -4 -10
4000
79 -5 2000 -20
79 -6 0 -30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Real Estate Price Index (Laft axis) Growth Rate (Right axis) Cement sales (Laft axis) Growth rate (Right axis)

• REPI increased by 0.7% YoY in Q3 2023, mainly due to the • Cement sales decreased by 6.4% YoY in Q3 2023, exceeding
increase in residential real estate prices of 1.1%. 11,000 tons, due to the use of modern technologies in
construction and the decline in demand for cement.

Source: GASTAT, Argaam 16

 Consumption Indicators
Consumption Indicators E-Commerce Transactions Points of Sale Transactions by Sectors
Figure 18 Figure 19 Figure 20

% SAR BN SAR BN
SAR BN

45.0 40 35
41.1
500 30 38.7 35
25 40.0 36.5
450 30
34.0 23 24
20 35.0 32.7 25
400
29.8 20 17
350 15
30.0 26.2
10 15 9 10 9
300 25.0 23.1
5 10 4
20.2 3 4 3 4 3 4
250 5 1 1
0 20.0 17.2
200 13.9 0
-5 12.6

Miscellaneous Goods and…

150 15.0
10.510.7

Public Utilities
Health

Telecommunication

Others
Transportation

Construction & Building Materials

Jewelry
Restaurants & Café

Clothing and Footwear

Beverage and Food

Recreation and Culture

Furniture

Education
Electronic & Electric Devices
-10

Hotels
100 -15 10.0
4.5 5.1
50 -20 5.0 3.0
1.0 1.7
0 -25
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
consumption indicators

Cash Withdrawals (Left axis)

Growth rate of consumption indicators (Right axis)

Q3 2023

• Consumption indicators increased by 1.5% YoY in Q3 2023. the PoS

transactions by sector show that Beverage and Food, and Restaurants
Points of Sale Cash Withdrawals
& Café recorded the highest growth rates in Q3 2023.
• E-commerce transactions using Mada Cards grew to reach SAR 41.1 8.1% -5.4%
billion in Q3 2023. Q3 2023 YoY Q3 2023 YoY

Source: SAMA
17
17
 Trade Indicators - Goods
Trade Balance Merchandise Exports
Figure 21 Figure 22

SAR BN
SAR BN
450
400 450
350 400
300 350
250 300
200 250
150 200
100 150
50 100
50
0
0
-50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

Merchandise Exports Merchandise Imports Trade Balance Non-oil Exports* Oil Exports

Trade Balance
• Overall Merchandise Exports decreased by 24.9% to SAR 300 billion YoY in Q3 2023.
This decrease originated mainly from oil exports, which decreased by 27.8% YoY, due to 216
a decline in the Kingdom's oil production for the same period. Also, the Non-oil exports 129

SAR BN
38 100
(including re-exports) decreased by 20.3% YoY in Q3 2023.
Q3 Q3 Q3 Q3
2020 2021 2022 2023
• Merchandise Imports increased by 9.4% to SAR 179 billion YoY in Q3 2023.

Source: GASTAT
*Include re-exports
18
18
Trade Indicators - Goods
Kingdom’s Exports by Top 10 countries Kingdom’s Imports by Top 10 countries
Figure 23 Figure 24

China
China
U.S.A
Japan
United Arab Emirates
South Korea
India
India

United Arab Emirates Germany

U.S.A Japan

Bahrain Switzerland

Poland South Korea

Egypt Italy

Taiwan Egypt

0 10 20 30 40 50 60 70 0 5 10 15 20 25 30 35 40 45

Q3 2023 Q3 2022 Q3 2021 Q3 2023 Q3 2022 Q3 2021

• In Q3 2023, Exports to China reached SAR 49.0 billion, making China the main destination for Saudi Exports, followed by Japan and South
Korea with 29.9 and 28.5 SAR billion, respectively.

• In Q3 2023, Imports from China amounted to SAR 40.6 billion, making China the main origin for Saudi imports. USA and United Arab Emirates
followed next with imports of 17.9 and 12.1 SAR billion, respectively.

Source: GASTAT 19
19
 Trade Indicators - Goods

Imports by Section
Figure 25

Imports by Top 5 Section

SAR BN
• In Q3 2023, the Main Imported
50 merchandise goods were
45
40 ’Machinery and mechanical which
35 amounted at 22.0% appliances of
30
25
a total Merchandise Import; and
20 Vehicles, aircraft, vessels and
15 associated transport equipment’
which amounted at 18.1% of a
10
5
0 total Merchandise Import.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

Machinery and mechanical appliances* Vehicles, aircraft, vessels and associated transport equipment

Products of the chemical or allied industries Mineral products

Base metals and articles of base metal

20
Source: GASTAT
*Includes electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles.
 Trade Indicators - Goods
Exports by Section
Figure 26

Exports by Top 5 Section (excluding Mineral products)

SAR BN
40

30

20
• In Q3 2023, the Main Exported
goods after excluding Mineral
10
products were ’Products of the
0
chemical and allied industries and
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
’Plastics and articles thereof;
2019 2020 2021 2022 2023
rubber and articles thereof’ which
Products of the chemical or allied industries Plastics and articles thereof; rubber and articles thereof
Vehicles, aircraft, vessels and associated transport equipment Base metals and articles of base metal
amounted respectively at 6.4%
and 6.1% of total Merchandise
Figure 27
Export.

SAR BN
400 Exports of Mineral products**
300

200

100

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

21
Source: GASTAT
* Mineral products were separated from the Exports by top 5 sections, due to its high value among the export goods.
Trade Indicators - Services
Exports by Section
Figure 28

S AR B N Services Exports (excluding Travel exports)

7
6
5
4
3 • Export Services were mainly
2
1 concentrated in Travel and
0 Transport services which
recorded SAR 47 billion and SAR
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

6.4 billion respectively in Q2 2023.

2019 2020 2021 2022 2023

Transport export Construction export Insurance and pension services export Financial services export

Telecommunications export Other business services export Government goods and services export

Figure 29
Travel Exports
S AR B N
47
50
34 37
40
27
30
18 16
20 15 15 14 12 11
7
10 0 1 2 2 2 3
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022 2023

22
02
22
Source: SAMA
Trade Indicators - Services
Imports Services
Figure 30

Services Imports
S AR B N

40
35
30
25
20
15
10
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022 2023

Transport import Travel import Construction import Insurance and pension services import

Financial services import Telecommunications import Other business services import Government goods and services import

• Import Services in Q2 2023 were mainly concentrated in Transport and Travel services which recorded SAR 25.5 billion and SAR 23.7
billion respectively.

23
Source: SAMA
 Monetary Indicators

SAMA Foreign Assets Foreign Personal Transfers

Figure 31 Figure 32

SAR BN %
SAR BN %
45 35
1,950 6 30
4 40
1,900 25
2 35 20
1,850
0 30 15
1,800 10
-2 25 5
1,750
-4 20 0
1,700 -5
-6 15
1,650 -10
-8 10 -15
1,600 -10 -20
5 -25
1,550 -12
- -30
1,500 -14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

Foreign Personal Transfers (Left axis) Growth rate (Right axis)

SAMA Foreign Assets (Left axis) Growth rate (Right axis)

• Foreign Assets recorded a decrease by 6.2% in Q3 2023 YoY, which might be due to the financing of investments and giga projects.

• Foreign Personal Transfers recorded a decrease by 10.2% in Q3 2023 YoY, due to corrective period for anti-concealment law, and
strong infrastructure of Saudi central bank to monitor and report the suspicious operations, and Saudization for some sectors.

Source: SAMA
22
24
02
24
 Monetary Indicators
Loan-to-Deposit Ratio Private Credit Interest Rate (3 Months)
Figure 33 Figure 34 Figure 35

Basis Point
SAR BN %
% %
40,000 18 7
102 29 35,000 16
6
28 30,000 14
97
27 25,000
12 5
10
92 26 20,000
4
8
25 15,000
6
3
87 24
10,000 4
5,000
23
2 2
82 0 0
22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1
77 21 2019 2020 2021 2022 2023
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023 Consumer Loans (Left axis)
2019 2020 2021 2022 2023
Real Estate Loans by Banks (Left axis)

Loans to the private sector out of total deposits % (Left axis) Credit to the private sector (Left axis)

Loans to the government sector out of total deposits % (Right axis) Credit to the private sector (Growth rate%) (Right axis) KSA intrest rate US intrest rate

• SAMA raised interest rates for each of the Repo Rate and the reverse repo rate in Q3 2023 by 25 basis points compared to the previous
quarter, to reach 6.1% and 5.3%, respectively, in the same period; In response to global developments and keeping pace with the
decisions of the US Federal Reserve to counter inflation and maintain monetary stability. Despite the rapid rise in interest rates, we
find that the volume of bank credit granted to the private sector in Q3 2023 grew at a rate of 9.3% YoY and by 2.5% compared to the
previous quarter. Given the strong foundations of the Saudi economy and its continuous recovery against global challenges.

Source: SAMA
22
25
02
25
 Financial Market

Ownership of Foreign Investors in the Stock Market TASI & NOMU Indices
Figure 37
Figure 36

SAR BN % Point

450 140 30,000

400 120
25,000
350 100
300 20,000
80
250
60 15,000
200
40 10,000
150
100 20 5,000
50 0
-
0 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

Foreign ownership (Left axis) Growth rate (Right axis) TASI Nomu…

Financial Market Performance during Q3 2023:

• Foreign Investors’ Ownership in Financial Market recorded a decrease of 2.7% in Q3 2023 compared to last quarter.
• Tadawul All Share Index (TASI) closed at 11,056 points, An increase of 3.5% in Q3 2023 compared to last quarter.
• Parallel Market Index (NOMU) closed at 22,690 points, An increase of 13.2% in Q3 2023 compared to last quarter.

Source: Tadawul
02
26
 Financial Market
Number of Newly Companies Listed in Saudi Number of Newly Companies Listed (Nomu)*
Financial Market (Tadawul) Figure 39
Figure 38

Number of Number of
companies companies

12 11
8 7
7 6 6 10
8
6
8
5 6 6
4
6 5
4 4
3 4 3 3 3
2 2 2 2 2 2 2
2
2 1 1 1 1 1 1
2
1 0 0
0
0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022 2023
2020 2021 2022 2023

Parallet market (Nomu)

Main market (TASI)

Growth Rate of Number of Newly

Companies Listed (Nomu)*
100%
(In Q3 2023 YoY)

27
02
27
*The number of newly listed companies in Nomu includes number of new companies listed (direct listing)
Source: Tadawul
 Industrial Indicators
Licenses
New Licensed Factories Capital of the New Licensed Factories
Figure 40 Figure 41

Licenses SAR BN

450 60 55
412
400
50
332
350 308
300 274 40
255 260
240 241 239
250 221 216 224 225 27.7
208 30
200
133 17.7
150 20
11.5 10
100 8.8 8.2 8 8.2 8.1
10 5.9 5.5
50 3.4 2.4 2.8

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2020 2021 2022 2023 2020 2021 2022 2023

• Manufacturing Sector is a strong magnet for global investors in the Kingdom, showing a remarkable issuance of 412 licenses for New
Licensed Factories increased by 83.9% during Q3 2023, while the Capital of newly licensed factories reach SAR 8.1 Billion in the same
period.

Source: Ministry of Industry and Mineral Resources

28
28
The Kingdom and the
Global Position in
Investment Indicators
 Investment Indicators
Gross Fixed Capital Formation Number of Issued Investment licenses Licenses
Figure 44 Figure 45

SAR BN % licenses
350 40
2,500
300 30 2,192

250 2,000 1,819

20
1,637
200
10 1,500 1,255 1,281
150
990 939 929
0 853
100 1,000

-10 528
50 449 476
500 297 292 252 290 352 307
158
0 -20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022 2023
2019 2020 2021* 2022* 2023
Gross Fixed Capital Formation (Left axis) Growth Rate% (Right axis)
Source: MISA
Source: GSTAT * Figures excluding investment licenses granted under the “Tasattur” anti-concealment campaign

• Total Nominal Fixed Capital Formation grew by 9.9% to Q3 2023 compared to same period, recorded SAR 260.6 billion in Q3 2023, a
decline by 1.9% YoY, driven by the decrease in government and non-government sectors by 10.3% and 0.2% in the same period.

• Number of Investment Licenses issued by MISA recorded an increase of 136% YoY, with a total of 2192 issued licenses in Q3 2023,
compared to 929 licenses in the last quarter, due to the enhancements in the Kingdom’s investment ecosystem.

30
 Investment Indicators
Licenses
Industrial Production Index (IPI) Purchasing Mangers Index (PMI)
Figure 46 Figure 47

Point %
Index number %
70 25
160 30 20
60
140 25 15
20 50 10
120
15 40 5
100
10 0
80 30
5 -5
60 20 -10
0
40 -5 -15
10
20 -10 -20
0 -15 0 -25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

IPI (Left axis) Growth rate (Right axis) PMI (Left axis) Growth rate (Right axis)
Source: GSTAT Source: IHS Markit

• IPI declined by 11% in Q3 2023 compared to the same quarter last year, due a decrease in production of mining activities by 18.2%
(74.5% of the total index weight). While manufacturing activity and Electricity and gas production increased by 6.6% and 23.0% during the
same period.

• PMI registered a slight increase of 0.5% to reach 57.2 points in Q3 2023, compared to 56.9 points in Q3 2022, due to the higher sales and
improving market demand.
31
 The Kingdom Rankings in International Indicators (1/2)
A review of Saudi Arabia ranking in global indicators released by International Organizations, which reflects the Kingdom’s economic and
investment performance and position

1 1 2 5
Consumer Confidence Consumer Confidence Edelman Trust Index
Consumer Confidence Index
Index – country right Index- local economy
direction.
Out of 25 Out of 28
Out of 25 Out of 25
2023 2022 July 2023 2023

8 13 16 30
Saudi Stock Market World Competitiveness GDP ranked among G20 World Happiness Index
Tadawul Ranking
Globally largest by Out of 20
Out of 64 Out of 137
market cap
2023 2023
2023 2023

32
32
 The Kingdom Rankings in International Indicators (2/2)
A review of Saudi Arabia ranking in global indicators released by International Organizations, which reflects the Kingdom’s economic and
investment performance and position

6 17 30 35
Global Competitiveness Global Competitiveness Smart City Index Digital Competitiveness
Index- Economics Index- general (Riyadh) Index
Out of 64
Out of 64 Out of 118 Out of 63
2023 2023
2023 2023

A/A-1 A1 A+
Credit Rating for KSA - Credit Rating for KSA Credit Rating for KSA
Standard & Poor's – Moody’s – Fitch

Fitch
Ratings
Sep 2023 March 2023 April 2023

33
33
 The Kingdom's and
the Global Statistics
of Labor Market
 Labor Market

Unemployment Rate Labor Force Participation Rate

Figure 48 Figure 49

% %
18 90
16 80
14 70
12 60
10 50
8 40
6 30
4 20
2 10
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2022 2023

2019 2020 2021 2022 2023

Saudi Non-Saudi Total Unemployment Rate Saudi Non-Saudi Total unemployment rate

• Unemployment Rate decreased to 4.9% in Q2 2023 compared to Unemployment rate by administrative region Q2 2023
5.1% in Q1 2023, decreased by 0.2 percentage points.
Riyadh Makkah Eastern Province Asir Northern Border
• In addition, Unemployment rate for Saudi decreased to 8.3% in
Q2 2023 and Unemployment rate for non-Saudi also decreased
to 1.5% in Q2 2023 decreased by 0.2 percentage points compared 6.6% 1.3% 8.8% 2.0% 6.4% 1.0% 9.3% 0.5% 10.8% 1.1%
to the previous quarter.
Saudi Non-Saudi
Source: GASTAT
34
 Labor Market
Saudi Unemployment Rate Saudi Labor Force Participation Rate
Figure 50 Figure 51

% %
35 80
30 70
60
25
50
20
40
15 30
10 20
5 10
0 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Male Female Total Male Female Total

Saudi Unemployment Rate in Q2 2023 Saudi Unemployment rate (%) Saudi Labor Force Participation (%)
Q2 2023 Q2 2023

• Saudi Males Unemployment Rate recorded 4.6% in Q2 2023, which

remain as the same performance of Q1 2023. 15.7 67.5
8.3 4.6 51.7 35.3
• Females Unemployment Rate decreased to 15.7% in Q2 2023
Female Male
compared to 16.1%, in Q1 2023 decreased by 0.4 percentage points. Total Male
Total Female

Source: GASTAT
 Labor Market

Non-Saudi Unemployment Rate Non-Saudi Labor Force Participation Rate

Figure 52 Figure 53

% %
10 100
90
8 80
70
6 60
50
4 40
30
2 20
10
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Male Female Total Male Female Total

• Non-Saudi Unemployment Rate decreased to 1.5% in Q2 2023 compared to 1.7% in Q1 2023, decreased by 0.2 percentage points.

• In addition, the Unemployment Rate for Non-Saudi Males decreased to 0.9% in Q2 2023 compared to 1.0% in Q1 2023 with a slight
decreased by 0.1 percentage point, and decrease in the Non-Saudi Females to reach 5.5% in Q2 2023 compared to 6.2% in Q1 2023 an
decrease by 0.7 percentage points.

Source: GASTAT
36
 Labor Statistics
Top 10 Outward Remittance flows in 2022 Outward Remittances flows as a share of GDP in 2022
Figure 54 Figure 55

%
USD MN
20
90,000
18
80,000
16
70,000
14
60,000
12
50,000
10
40,000
8
30,000 6
20,000 4
10,000 2
0 0

Source: KNOMAD, SAMA Source: KNOMAD, GASTAT, SAMA

• Outward Remittance Flows as a share of GDP is considered high for high income countries such as United States and GCC countries.

• Outward Remittance Flows as a share of GDP is considered high for GCC countries due to the high dependency on the Non-National
Labor in the Private Sector.

Source: KNOMAD,GASTAT, SAMA

37
 Labor Statistics

Top 10 Migrant Remittance Inflows in 2022 Migrant Remittance Inflows as a Share of GDP in 2022
Figure 56 Figure 57

%
USD MN
10
120,000
9
100,000 8
7
80,000
6
60,000 5
4
40,000
3
20,000 2
1
0
0

• Migrant remittance inflows in 2022 are higher for in low income countries such as India and Egypt.

• Migrant remittance inflows as share of GDP are considered low for GCC countries due to the low percentage of Non-National Labor from
aboard compare to the low income countries.

Source: KNOMAD,IMF 38
Global Commodities and
Currencies Markets
Commodities Prices (1/2)
Wheat Price Corn Price Rice Price
Figure 58 Figure 59 Figure 60

USD/Metric Ton % USD/Metric Ton % USD/Metric Ton %

500 80 400 120
450 700 50
350 100
60 40
400 600
300 80
350 30
40 500
300 250 60
20
400
250 20 200 40 10
200 150 20
300
0 0
150 200
100 0 -10
100
-20 100
50 50 -20 -20

0 -40 0 -40 0 -30

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Wheat Price (Left axis) Growth Rate % (Right axis) Corn Price (Left axis) Growth Rate % (Right axis) Rice Price (Left axis) Growth Rate % (Right axis)

Q3 2023
YOY

• Average Commodity Prices corn and wheat decreased by 27.2% and 17.5%,
respectively, in Q3 2023 YoY, due to the abundant global harvest. Whereas,
the average price of rice increased by 39.9% during the same period. Wheat Prices Corn Prices Rice Prices
-17.5% -27.2% 39.9%

39
Source: IndexMundi
Commodities Prices (2/2)
Gold Price Iron Ore Price
Figure 62
Figure 61
USD/Troy Ounce % %
USD/Metric Ton
2,500 35
30 250 140
2,000 25 120
20 200 100
1,500 80
15
150 60
10 40
1,000
5 100 20
500 0 0
-5 50 -20
-40
0 -10
0 -60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023

Gold Price (Left axis) Growth Rate % (Right axis) Iron Ore Price (left axis) Growth Rate % (Right axis)

Copper Price Platinum Price

Figure 63 Figure 64
USD/Troy Ounce % USD/Troy Ounce %
1,400 60
12,000 100
1,200 50
10,000 80
40
60 1,000
8,000 30
40 800 20
6,000
20 600 10
4,000 0
0 400
2,000 -20 -10
200 -20
0 -40
0 -30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
Copper Price (Left axis) Growth Rate % (Right axis) Platinum Price (Left axis) Growth Rate % (Right axis)

Source: IndexMundi, ycharts 40

 Currencies Market (1/2)
Euro / US Dollar British Pound / US Dollar Japanese Yen / US Dollar
Figure 65 Figure 66 Figure 67

USD % USD % USD %

1.25 10 1.46 15 0.0100 5

1.20 1.41 10 0.0095

5 0
1.36
1.15 5 0.0090
0 1.31 -5
0.0085
1.10 1.26 0
-5 0.0080 -10
1.05 1.21 -5
0.0075
-10 1.16 -15
1.00 -10
1.11 0.0070
0.95 -15 -15 -20
1.06 0.0065
0.90 -20 1.01 -20 0.0060 -25
*
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
*
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
*
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Japanese Yen / US Dollar (Left axis) Growth Rate % (Right axis)
Euro / US Dollar (Left axis) Growth Rate % (Right axis) British Pound / US Dollar (Left axis) Growth Rate % (Right axis)

Euro / US Dollar British Pound / US Dollar Japanese Yen / US Dollar

\ 8.0% 5.2% 7.6% 5.8% -4.4% -5.3%

Q3 2023 YoY Q4* 2023 YoY Q3 2023 YoY Q4* 2023 YoY Q3 2023 YoY Q4* 2023 YoY
\
Source: OFX
*Q4: Up to 5 December 41
Currencies Market (2/2)
Chinese Yuan / US Dollar Russian Ruble / US Dollar
Figure 68 Figure 69

USD % USD %

0.167 10
0.019 30
0.162
5 0.017 20
0.157
0.152 10
0 0.015
0.147 0
0.013
0.142 -5 -10
0.011
0.137 -20
-10
0.132 0.009 -30
0.127 -15 0.007 -40
* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
*
Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Chinese Yuan / US Dollar (Left axis) Growth Rate % (Right axis) Russian Ruble / US Dollar (Left axis) Growth Rate % (Right axis)

Chinese Yuan / US Dollar Russian Ruble / US Dollar

-5.4% -1.2% -36.2% -32.4%

Q3 2023 YoY Q4* 2023 YoY Q3 2023 YoY Q4* 2023 YoY

Source: x-rates
*Q4: Up to 5 December 42
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Postal address
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P.O. Box 3966, Riyadh 12382
Kingdom of Saudi Arabia

Telephone: +966115065777
E-mail: [email protected]
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