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Saudi Arabia’s gross calm artefact (GDP) rose for the aboriginal time back the alpha of the Covid-19 pandemic, up by 1.5% year-on-year (y-o-y) in the additional division (Q2) of 2021, a address said, citation abstracts issued by the General Authority for Statistics (GASTAT).
The seasonally adapted absolute GDP broadcast 1.1% quarter-on-quarter (q-o-q) in Q2 2021, said arch cyberbanking casework provider Al Rajhi Capital in a new report. Saudi Arabia’s absolute acquirement accomplished SR248.1 billion ($66 billion) in the additional division (Q2) of 2021, a acceleration of 85% year-on-year (y-o-y), while absolute expenditures stood at SR252.7 billion, an access of 4% y-o-y, it added.
The commonwealth acquaint a anniversary arrears of SR4.6 billion ($1.2 billion) in Q2 as compared with SR7.4 billion in the antecedent quarter, according to the report.
Money Accumulation (M3) connected to abound in July 2021 ( 9.8% y-o-y) to angle at SR2,251 billion; while M1 and M2 added 7.5% y-o-y and 6.1% y-o-y, respectively. As per the anniversary money accumulation abstracts by Saudi Central Bank, M3 may be lower in August 2021 than in the ages of July.
Credit to the clandestine area witnessed a advance of 16.4% y-o-y ( 0.5% m-o-m) in July 2021; while coffer claims on accessible area avant-garde 8.9% y-o-y ( 1.0% m-o-m) in the aforementioned month. Meanwhile, deposits rose 11.1% y-o-y ( 0.5% m-o-m) in July 2021.
Banking area net accumulation afore Zakat and tax beneath 12.8% y-o-y to SR3.76 billion in July. Further, on a anniversary basis, the cyberbanking area profits beneath by 2.8% m-o-m in July 2021.
Saudi Central Bank’s adopted reserves, on an anniversary basis, fell 1.4% in July 2021 against a abatement of 0.4% y-o-y in June 2021. Further, the affluence beneath 1.0% m-o-m in July 2021 ( 2.0% m-o-m in June). Meanwhile, as of July 2021, government affluence with Saudi Central Coffer stood at SR440.462 billion (including government accepted account), a anniversary abatement of 0.2%.
Point-of-sale (POS) affairs added 23.3% y-o-y in July 2021 ( 4.6% y-o-y in June 2021). However, the ATM banknote withdrawals beneath by 19.8% y-o-y in July 2021 as compared to the abatement of 6.0% in June 2021. The access in POS affairs was apprenticed by acceleration in ‘Restaurants & Hotels’, ‘Transportation’ and ‘Food & Beverages’ segments accretion 43.9% y-o-y, 23.6% y-o-y and 17.8% y-o-y, respectively.
Remittances (Personal Transfers) by Saudi nationals added 8.1% y-o-y in July 2021 ( 56.0% y-o-y in June 2021). However, advance in remittances by non-Saudi nationals beneath 17.7% y-o-y in the aforementioned ages (-3.4% y-o-y in June 2021).
Index of Industrial Assembly (IIP) added 3.6% m-o-m in June 2021, mainly due to access in mining and quarrying action ( 4.5% m-o-m) and electricity and gas sectors action ( 13.9% m-o-m). However, non-oil accomplishment action saw m-o-m abatement of 0.4%.
Cost of active base added 0.4% y-o-y in July 2021 as compared to 6.2% y-o-y in June 2021. The appulse of the access of the VAT from 5% to 15% in July 2020 (base effect) fades out in July 2021 and does not affect the anniversary change of the CPI anymore.
The access in CPI is mainly originated from college prices of ‘Transport’ ( 7.8% y-o-y) and ‘Food and Beverages’ ( 1.2% y-o-y). The access in ‘Transport’ prices was mainly due to the access in operating of claimed carriage accessories prices ( 28.7%), which in about-face was resulted by the acceleration in prices of fuels and lubricants ( 59.0%).
Further, the acceleration in ‘Food & Beverages’ was mainly due to the access in aliment prices ( 1.3%), in particular, the access in prices of ‘Vegetables’ ( 11.2%). On a anniversary basis, the CPI rose 0.2% in July ( 0.2% m-o-m in June).
Crude oil prices (Brent August futures contract) beneath 3.4% MTD in August 2021, as investors abide afraid about the angle for ammunition appeal as Covid-19 cases billow worldwide. Meanwhile, the Saudi Arabian awkward oil assembly added 11.6% y-o-y ( 5.4% m-o-m), to 9.430mbpd in July 2021, as compared to the access of 18.9% y-o-y in June.
Crude amount outlook: The US Energy Information Administration (EIA) in its August 2021 address showed, Brent awkward oil atom prices averaged $75/barrel in July, up $2/barrel from June. Brent prices will abide abreast accepted levels for the butt of 2021, averaging $72/barrel from August through November. Further, Brent prices to boilerplate $66/barrel in 2022. – TradeArabia News Service
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