The Clap
According to the General Authority for Statistics, the annual inflation rate in KSA slowed down to 2.9% last November for the second month in a row, despite the continued increase in residential rental prices.
What
The inflation rate in November increased by a slight 0.1%, compared to October.
Residential rental prices also increased by 1.6%, while prices for food, beverages, transportation, entertainment, and communications declined on a monthly basis.
So What
Saudi Finance Minister Mohammed Al-Jadaan expected inflation in KSA would range between 2.1%-2.3% in 2022.
Now What
The Ministry of Finance expects GDP to reach 8.5% by the end of this year, up from the 8% forecast for the year.
The main drivers of the growth are oil activities. In addition, non-oil activities are expected to grow and reach 5.9%.
