Industry in Saudi Arabia
Saudi Arabia - Industry
After expanding at the fastest pace in more than a decade during Q1, the economy is likely to remain at full throttle in Q2. Thanks to an increased OPEC+ quota, oil production rose to its highest level in two years during April. After slipping during that same month, oil prices then recorded their highest monthly average since 2011 in May. Rising oil prices are boosting the external and fiscal balances. However, this windfall is unlikely to boost GDP as much as in recent years. The government is concerned that as the world turns away from fossil fuels, this could be oil’s last great bull run. As a result, it is planning to plough money from this windfall into the country’s USD 600 billion sovereign wealth fund as part of its effort to diversify the economy. It will also use some of it to rebuild foreign exchange reserves and reduce public debt.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: Oil prices fall over last month as global economic outlook remains dim
November 29, 2022
The OPEC oil basket traded at USD 90.8 per barrel on average over the last month, down 3.0% from the prior month.
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Saudi Arabia: Inflation decreases slightly in October
November 15, 2022
Inflation moderated to 3.0% in October, easing slightly from September’s 3.1%.
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Saudi Arabia: PMI rises in October
November 2, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 57.2 in October, up from September's 56.6.
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Saudi Arabia: Oil prices rise over last month as OPEC+ cuts quotas by 2.0 mbpd
November 1, 2022
The OPEC oil basket traded at USD 98.5 per barrel on average over the last month, up 4.3% from the prior month.
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Saudi Arabia: GDP growth remains strong in Q3
October 31, 2022
A flash estimate showed that the economy grew 8.6% on an annual basis in Q3, thereby confirming the economy continued to grow at one of fastest rates in the region after having expanded 12.2% in Q2. The oil sector grew 14.5% in Q3 compared to 22.9% in Q2.
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