Industry in Saudi Arabia

Saudi Arabia Industry | Economic News & Forecasts

Saudi Arabia - Industry

The economy likely performed well in Q3, thanks to a significant rise in oil production and higher oil prices. Moreover, PMI readings pointed to robust growth in the non-oil private sector in the period. Looking ahead to Q4, oil production hit record highs as Saudi Arabia continued to compensate for lower output from Iran. However, at the start of November the U.S. temporarily waived sanctions on Iranian oil exports to eight countries, causing oil prices to freefall. Barring a swift price recovery, this will dampen the performance of the hydrocarbon sector in the final quarter. Nevertheless, the PMI survey for the non-oil sector began Q4 on a positive note, with faster new orders growth and business confidence on future output levels in October marking the highest reading in 58 months. On 22 November the Saudi King inaugurated the USD 22.7 billion Waad Al-Shamaal mining city, which is expected to create approximately 10,000 jobs and aims to develop the northern region and diversify the economy.

Saudi Arabia - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)0.2  3.1  5.0  2.4  -2.3  

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Saudi Arabia Facts

ValueChangeDate
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Nov 29
Stock Market0.21.00 %Nov 29

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