Jadwa research also shows that first quarter real GDP growth splutters to just 0.5%
Economic data in Saudi Arabia showed a slightly weaker picture in May with retail transactions slowing and ATM withdrawals down by nearly 4 percent year-on-year, according to a new report.
Research from Jadwa Investment showed point of sale transactions were up 6.4 percent year-on-year, compared to 11.4 percent in the previous month while ATM withdrawals fell by 3.8 percent.
Jadwa noted that data on first quarter real GDP showed that the economy contracted by 0.5 percent compared to the year-earlier period.
It added that growth was mainly dragged down by the oil sector, which dropped by 2.3 percent, while non-oil GDP showed better growth at 0.6 percent during the first three months of 2017.
The net monthly change to government accounts with the Saudi Arabian Monetary Authority (SAMA) were negative in May, Jadwa said, adding that with no change in government reserves, the change in accounts was wholly due to a decline in government deposits, by SR6.2 billion.
SAMA foreign reserve assets also fell by $1.2 billion in May month-on-month, which was the lowest decline since June of last year.
While year-on-year growth in short and medium term bank credit to the private sector remained negative in May, long term credit grew by 8 percent, Jadwa added.