Industry in Saudi Arabia
Saudi Arabia - Industry
The contraction likely eased slightly in Q3 after Q2’s record GDP contraction due to flagging oil production and domestic lockdown measures. The year-on-year fall in oil production eased in Q3 as output rose in September for the first time since April. In addition, the non-oil private sector PMI averaged higher in Q3 and pointed to a stabilization in output, supported by easing lockdown restrictions, despite July’s VAT hike. Turning to Q4, however, a global surge in Covid-19 cases weighed on oil prices in October. Meanwhile, the government unveiled projections for next year’s budget in late September. The preliminary estimates show an approximate 7.3% spending cut and a 9.8% increase in revenues. The country plans to shift spending towards the sectors hit hardest by the pandemic to support the recovery, while prioritizing fiscal discipline.Saudi Arabia - Industry Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 5.0 | 2.3 | -2.4 | 2.7 | -2.6 |
Saudi Arabia Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Saudi Arabia: Non-oil PMI rises marginally to a 14-month high in January
February 3, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased slightly from 57.0 in December to 57.1 in January, the highest reading since November 2019.
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Saudi Arabia: Inflation eases in December
January 15, 2021
Consumer prices decreased 0.22% over the previous month in December, sharper than November’s 0.1% dip.
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Saudi Arabia: Government announces smaller 2021 budget in bid to rein in deficit
January 11, 2021
In mid-December, the government announced the 2021 budget.
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Saudi Arabia: Non-oil PMI hits a 13-month high in December
January 5, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased from 54.7 in November to 57.0 in December, the highest reading in over one year.
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Saudi Arabia: Oil prices rise further in December; Saudi Arabia to cut production from February
January 4, 2021
Oil prices continued to rise over the last month, supported by positive developments on the Covid-19 vaccine front and solid Asian demand, notwithstanding tougher social distancing restrictions in many Western countries.
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