Industry in Saudi Arabia
Saudi Arabia - Industry
The economic recovery is gathering pace mostly due to OPEC’s decision to increase oil production in order to keep markets adequately supplied and high oil prices, which have stoked activity in the all-important oil sector. Moreover, the recovery is broadening as the impact of the VAT implemented in January fades, and gains from the recovery in the oil-sector are slowly trickling down to the rest of the economy. The non-hydrocarbon PMI hit a six-month high in June, while credit growth and foreign reserves improved in Q2. Higher production and oil prices are also translating into an improvement in the government’s fiscal position and the current account balance, which recorded a healthy surplus in Q1. On the flip side, the government’s Saudization policy, which is expelling foreign workers, could create labor shortages in some sectors, while the crackdown on corruption implemented last year is deterring investment and spurring capital outflows.Saudi Arabia - Industry Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 0.2 | 3.1 | 5.0 | 2.4 | -2.3 |
Saudi Arabia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.49 | 0.0 % | Jun 23 |
| Exchange Rate | 3.75 | 0.0 % | Aug 15 |
| Stock Market | 0.2 | 1.00 % | Aug 14 |
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Economic News
Saudi Arabia: PMI edges down marginally in July
August 12, 2018
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit inched down to 54.9 in July from 55.0 in June.
Saudi Arabia: Geopolitical risks continue to push up oil prices
July 30, 2018
Despite key producers’ efforts to stabilize the market, oil prices continued to rise in recent weeks amid the war of words between the U.S. and Iran.
Saudi Arabia: Inflation continues to ease in June
July 24, 2018
Consumer prices rose 0.1% over the previous month in June, the first increase in prices in four months, contrasting May’s 0.4% fall.
Saudi Arabia: Non-oil PMI jumps to six-month high in June
July 10, 2018
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from 53.2 in May to 545.0 in June.
Saudi Arabia: Non-oil PMI jumps to six-month high in June
July 3, 2018
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from 53.2 in May to 55.0 in June.
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