Current Account in Saudi Arabia

Saudi Arabia Current Account | Economic News & Forecasts

Saudi Arabia - Current Account

The oil sector dragged on overall growth in the first quarter as the country took on the lion’s share of the oil production cuts agreed with OPEC+. This trend is expected to continue at least until the end of the year given the oil production cuts will likely be extended at the 1–2 July OPEC+ meeting. Dynamics in the non-oil sector, however, are gradually strengthening thanks to bolder government support and a recovery in private sector credit. In this regard, the non-oil PMI hit an over one-year high in May on solid new orders and output. Job creation in the private sector, however, has remained lackluster in 2019 despite the recovery in non-oil activity and the implementation of the Saudization program, which restricts jobs for foreign workers. Meanwhile, the war of words between Iran and Saudi Arabia continued to escalate in recent weeks, especially following the downing of a U.S. drone in the Persian Gulf and increasing attacks on Saudi infrastructure launched by Yemen’s Iran-backed Houthis.

Saudi Arabia - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)18.1  9.8  -8.7  -3.7  1.5  

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Saudi Arabia Current Account Chart

Saudi Arabia Current Account
Note: Current account balance as % of GDP.
Source: Central Department of Statistics and Information.

Saudi Arabia Facts

Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Jul 11
Stock Market0.21.00 %Jul 11

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