Current Account in Saudi Arabia
Saudi Arabia - Current AccountThe economy logged its first contraction in nearly two years in the third quarter. The drop reflected oil production cuts in compliance with the OPEC+ deal and a terrorist attack on the Kingdom’s oil facilities in September, which effectively shut down more than half of the country’s oil production. Conversely, the non-oil sector continued to expand vigorously due to strong credit growth and policy support. Looking to Q4, despite a moderation in December, the non-oil sector remained strong in the period. The 2020 budget approved in mid-December suggests that fiscal stimulus could moderate this year as the fiscal plan focuses on financial stability and includes a cut in government spending, mostly in capital expenditure. Moreover, the government projects a deficit of 6.4% of GDP for 2020, wider than the 4.7% shortfall the government estimated for this year.
Saudi Arabia - Current Account Data
|Current Account (% of GDP)||18.1||9.8||-8.7||-3.7||1.5|
5 years of economic forecasts for more than 30 economic indicators.
Saudi Arabia Current Account Chart
Source: Central Department of Statistics and Information.
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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January 13, 2020
Oil prices jumped in the aftermath of the assassination of Iranian Major General Qasem Soleimani by a targeted U.S. drone strike on 3 January, as markets were anticipating retaliation from Iran.
January 5, 2020
The Purchasing Managers’ Index (PMI), produced by IHS Markit, declined from November’s 58.3 to 56.9 in December.
December 31, 2019
The economy contracted for the first time since Q4 2017 in the third quarter as oil production cuts in compliance with the OPEC+ deal and a terrorist attack on Saudi oil facilities in mid-September weighed on oil production throughout the quarter.
December 5, 2019
The Purchasing Managers’ Index (PMI), produced by IHS Markit, jumped from October’s 57.8 to 58.3 in November.
November 26, 2019
Oil prices steadily increased in recent weeks, supported by optimism linked to talks of a “phase one” trade deal between China and the United States, as well as expectations that OPEC+ production cuts will be extended.