沙特阿拉伯TASI指数 (TASI) 加自选

沙特阿拉伯的工业生产在上个月上调0.3%后，于2025年3月同比增长2.0%。这是自去年12月以来工业产出增长最快的一次，这是由于制造业产出的增长（5.1%），以及化学品和化学产品（14.3%）和食品（6.9%）的增长。此外，供水、排污、废物管理和修复活动激增15.0%。此外，随着该国石油产量从2024年3月的897万桶降至896万桶/日，采矿和采石活动有所放缓（-0.2%对2月的-0.7%）。另一方面，电力、天然气、蒸汽和空调供应下降了0.9%。在2月份上调1.7%后，工业产出环比增长1.1%。

Industrial production in Saudi Arabia expanded by 2.0% year-on-year in March 2025, after an upwardly revised 0.3% rise in the previous month. It marked the fastest growth in industrial output since last December, due to rises in manufacturing output (5.1%), supported by an increase in chemicals and chemical products (14.3%) and food products (6.9%). Also, water supply, sewerage, and waste management & remediation activities surged 15.0%. Additionally, mining & quarrying activity shrank softer (-0.2% vs -0.7% in February), as the country's oil production fell to 8.96 million barrels per day from 8.97 million in March 2024. On the other hand, electricity, gas, steam, and air conditioning supply recorded a 0.9% decline. On a monthly basis, industrial output increased by 1.1%, following an upwardly revised 1.7% gain in February.

利雅得银行沙特阿拉伯的采购经理人指数从3月份的58.1降至2025年4月的55.6，这是自2024年8月以来最疲软的非石油私营部门增长，但仍远高于中性的50.0大关，预示着持续扩张。经济放缓的主要原因是，在全球不确定性和竞争加剧的情况下，新订单增长急剧下降。在销售额、项目批准和旅游业的推动下，产出稳步增长，尽管增长是七个月来最慢的。作为回应，就业人数激增，招聘速度加快，以跟上2023年10月的步伐，这得益于IT和营销领域的定向招聘。然而，这导致了创纪录的员工成本通胀，而采购价格因原材料需求增强而上涨。总投入成本通胀上升，促使企业自2月以来首次适度提高产出费用。采购活动创下三个月新高，因为企业在预期需求之前建立了库存，而乐观情绪略有改善，但仍低于平均水平。

Riyad Bank Saudi Arabia's PMI fell to 55.6 in April 2025 from 58.1 in March, the weakest non-oil private sector growth since August 2024, but remained well above the neutral 50.0 mark, signaling continued expansion. The slowdown was mainly due to a sharp drop in new order growth amid rising global uncertainty and competition. Output rose solidly, backed by higher sales, project approvals, and tourism, though growth was the slowest in seven months. In response, employment surged, with hiring accelerating to match October 2023's pace, driven by targeted recruitment in IT and marketing. However, this contributed to record-high staff cost inflation, while purchase prices rose on stronger raw material demand. Total input cost inflation picked up, prompting firms to modestly raise output charges for the first time since February. Purchasing activity hit a three-month high as firms built inventories ahead of expected demand, while optimism improved slightly but remained below average.

初步数据显示，沙特阿拉伯经济在2025年第一季度同比增长2.7%，低于上一季度的4.4%。非石油活动的增长放缓（第四季度为4.2%对4.8%），而石油产量下降（-1.4%对3.5%）。另一方面，政府活动的增长速度更快（3.2%对1.7%）。经季节性调整的季度数据显示，3月季度GDP增长0.9%，而前一季度增长0.8%。今年4月，国际货币基金组织将沙特阿拉伯2025年的国内生产总值增长预测下调至3%，而1月份的估计为3.3%。

Saudi Arabia’s economy expanded by 2.7% year-on-year in the first quarter of 2025, down from a 4.4% growth in the previous quarter, preliminary data showed. Growth in non-oil activities slowed (4.2% vs 4.8% in Q4), while oil production declined (-1.4% vs 3.5%). On the other hand, government activities increased at a faster pace (3.2% vs 1.7%). On a seasonally adjusted quarterly basis, GDP grew by 0.9% in the March quarter, following a 0.8% rise in the prior period. In April, the IMF cut the forecast for Saudi Arabia's GDP growth in 2025 to 3% versus a January estimate of a 3.3% increase.

2025年2月，沙特阿拉伯的贸易顺差从去年同期的294亿里亚尔扩大到306亿里亚尔。这是自2024年4月以来最大的贸易顺差，因为出口下降幅度小于进口。出口同比下降2.6%，至937亿沙特里亚尔的三个月低点，原因是石油出口下降7.9%，占总出口的72.1%。与此同时，非石油出口增长了14.3%。中国仍然是沙特出口的最大目的地，占总量的16.2%，其次是韩国（10.1%）和阿联酋（9.8%）。与此同时，进口下降5.6%，至632亿沙特里亚尔的14个月低点，主要受机械、电气设备和零部件采购下降（-0.7%）的影响，这些采购占进口总额的23.5%。相比之下，运输设备和零部件进口激增24.3%，占进口总额的15.4%。在主要供应商中，中国也保持了最大的进口份额，为24.1%，其次是美国（7.3%）和印度（6.7%）。

Saudi Arabia’s trade surplus widened to SAR 30.6 billion in February 2025, up from SAR 29.4 billion in the same month last year. It marked the largest trade surplus since April 2024, as exports fell less than imports. Exports dropped 2.6% yoy to a three-month low of SAR 93.7 billion, due to a 7.9% decline in oil exports, which accounted for 72.1% of total exports. Meanwhile, non-oil exports grew by 14.3%. China remained the top destination for Saudi exports, representing 16.2% of the total, followed by South Korea (10.1%) and the UAE (9.8%). Meanwhile, imports shrank by 5.6% to a 14-month low of SAR 63.2 billion, weighed by a decline in purchases of machinery, electrical equipment, and parts (-0.7%), which constituted 23.5% of total imports. By contrast, transportation equipment and parts imports surged by 24.3%, which represented 15.4% of total imports. Among the major suppliers, China also kept the largest share of imports at 24.1%, followed by the US (7.3%) and India (6.7%).