Saudi Arabia Economic Outlook
January 11, 2022A second estimate confirmed that the economy expanded at the quickest pace in nearly a decade in Q3, after growing for the first time since Q3 2019 in the second quarter. The oil economy grew robustly following nine consecutive contractions, driving Q3’s upturn. Meanwhile, growth in the non-oil private sector moderated, while government sector output growth gained momentum in the quarter. Turning to Q4, economic activity likely lost some steam, but GDP growth should have remained healthy due to stronger oil production in October–November, in line with the ongoing easing of OPEC+ cuts. On the fiscal front, in mid-December authorities released details for the 2022 budget, which sees expenditure falling slightly, and revenues rising notably. Consequently, the fiscal balance is seen recording a surplus in 2022 following 2021’s expected deficit.
Saudi Arabia Economic GrowthAfter a strong rebound in 2021, supported by healthier domestic demand, economic growth should accelerate this year as oil production rises. Moreover, a tighter labor market and pent-up demand will likely keep household spending growing briskly. That said, uncertainty surrounding the ongoing health crisis and volatile oil prices pose downside risks to the outlook. FocusEconomics panelists see GDP growing 5.6% in 2022, which is up 0.4 percentage points from the last month’s forecast. In 2023, the panel sees economic growth at 3.3%.
Saudi Arabia Economy Data
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Saudi Arabia Facts
|Bond Yield||2.49||0.0 %||Jun 23|
|Exchange Rate||3.75||0.0 %||Dec 31|
|Stock Market||0.2||1.00 %||Jan 07|
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Saudi Arabia Economic News
January 3, 2022
The Purchasing Managers’ Index (PMI), produced by IHS Markit, ticked down from 56.9 in November to 53.9 in December.
December 15, 2021
Consumer prices increased 0.21% over the previous month in November, which was slightly softer than October’s 0.25% increase.
November 23, 2021
A flash estimate showed that the economy grew 6.8% on an annual basis in the third quarter, after rebounding and expanding 1.8% in the second quarter.
November 4, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, ticked down from 58.6 in September to 57.7 in October.
October 28, 2021
On 28 October, the OPEC oil basket traded at USD 84.5 per barrel, up 8.7% from the prior month.