RIYADH, 29 May 2024—Saudi Arabia's private sector loan growth exhibited a slight increase in May 2024, with the indicator reaching 10.70% on a year-over-year basis, according to recently released data. This marks a rise from the previous figure of 10.40% recorded in March 2024.
The figures represent a continued upward trend in Saudi Arabia’s private sector lending, which serves as a key economic indicator reflecting business confidence and economic activity. The year-over-year comparison underscores an accelerated pace of growth in loans provided by banks and financial institutions to private enterprises, suggesting sustained economic resilience amid global uncertainties.
Saudi economic policymakers are likely to view this uptick positively, as it hints at potential future investments and economic expansion driven by enhanced access to financing. The increment from March to May suggests a stabilized but gradually improving financial landscape in the Kingdom.