Saudi Arabia Economic Outlook
November 28, 2017On 4 November, Crown Prince Mohammad bin Salman ordered the arrests of dozens of Saudi Arabia’s business and political elite, including princes, ministers and wealthy businessmen. Although this move was officially deemed a crackdown on corruption, it will also help Salman cement his political power. Oil prices hit an over two-year high in the aftermath of the crisis, and financial markets showed some volatility. While the impact on the economy is still uncertain, the crown prince’s bid to shore up power could strengthen his reform agenda geared at diversifying the economy away from oil. Moreover, political tensions between Saudi Arabia and Iran escalated after a missile launched by Houthi rebels was intercepted over Riyadh on 4 November. The Saudi government accused Iran of providing ballistic missiles to the rebels in Yemen.
Saudi Arabia Economic GrowthEconomic activity should rebound next year on the back of higher oil prices and an improved fiscal position. That said, government spending will remain below levels last seen before prices collapsed in 2014. Moreover, spillovers from the ongoing tensions with Iran and domestic political unrest could undermine the economic recovery. FocusEconomics Consensus Forecast panelists expect growth of 1.5% next year, which is down 0.2 percentage points from last month’s projection. In 2019, growth is seen picking up pace to 2.3%.
Saudi Arabia Economy Data
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Saudi Arabia Facts
|Bond Yield||2.49||0.0 %||Jun 30|
|Exchange Rate||3.75||0.0 %||Dec 06|
|Stock Market||0.2||1.00 %||Dec 06|
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Saudi Arabia Economic News
December 5, 2017
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from 55.6 in October to 57.5 in November.
Saudi Arabia: Oil prices hit over-two-year high in November on strong fundamentals and mounting geopolitical risks
November 27, 2017
The rally in oil prices continued in November.
November 27, 2017
Political unrest intensified on 4 November after Saudi Arabia’s Crown Prince Mohammed bin Salman ordered a large-scale operation against corruption that affected more than 200 people, including ministers, princes and businessmen.
November 21, 2017
Consumer prices fell 0.2% from the previous month in October, contrasting September’s 0.1% increase.
November 5, 2017
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit inched up from 55.5 in September to 55.6 in October.