The bank credit granted to both the public and private sectors in Saudi Arabia has reached historically record-high levels by the end of August 2024, amounting to around SAR2,824,780 million (over SAR2.8 trillion), as indicated by the statistical bulletin of the Saudi Central Bank (SAMA).
These figures constitute an annual growth rate estimated at 12.1%, an increase of about SAR305.023 billion compared to SAR2,519,756 million (over SAR2.5 trillion) by the end of August last year.
Monthly, bank credit saw an increase of about 1.2% or SAR33.478 billion compared to last July, when it reached SAR2,791,301 million (over SAR2.79 trillion). Since the beginning of the year, bank credit has seen growth surpassing SAR203 billion, jumping from SAR2,621,726 million (over SAR2.6 trillion) at the end of January.
The credit granted to both the public and private sectors was distributed over more than 17 diverse economic activities, becoming a supportive and reinforcing factor in achieving comprehensive and sustainable ec
onomic growth and contributing to the goals of Saudi Vision 2030.
Long-term bank credit (for over 3 years) accounted for 47% of the total credit granted, amounting to about SAR1,324,161 million (over SAR1.3 trillion) by the end of August. Such credit witnessed an annual growth rate of 8.7% compared to SAR1,217,880 million (over SAR1.2 trillion) for the same period of 2023, with an increase exceeding SAR106 billion.
Meanwhile, short-term bank credit (less than a year) represented 38% of the total credit, amounting to about SAR1,074,234 million (SAR1.07 trillion), achieving an annual growth rate of 14% compared to SAR943.119 billion for the same period of 2023, with an increase exceeding SAR131.115 billion.
Medium-term bank credit (from 1 to 3 years) accounted for 15% of the total credit, amounting to about SAR426.384 billion. This constitutes an annual growth rate of 19% or more than SAR67 billion, compared to SAR358.757 billion for the same period of 2023.
Source: Saudi Press Agency