Riyadh – Mubasher: Al Rajhi Capital has issued its monthly report on the economy of Saudi Arabia, pinpointing that the PMI recovery signals improving business conditions within the Kingdom.

Meanwhile, the real GDP of Saudi Arabia grew by 2.8% in the first quarter (Q1) of 2026 on the back of non-oil activities growth.

In April, the Saudi non-oil activity reflected growth and resilience, with the PMI rising to 51.5 after a temporary softness in March.

Furthermore, the banking liquidity conditions signaled relative improvement, which was endorsed by an 8.8% deposit growth on an annual basis.

Al Rajhi Capital noted that despite geopolitical developments, the oil production in Saudi Arabia reached 6.9 million barrels per day (mbpd) in April. On the other hand, oil prices remained relatively elevated at $114 per barrel.