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: Oil prices jump to an eight-month high in November
November 27, 2020
Oil prices were up notably month-on-month, driven by positive developments on the Covid-19 vaccine front.
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Saudi Arabia: Preliminary estimate shows contraction in GDP eases in Q3
November 10, 2020
The first ever flash figure released by the General Authority of Statistics estimated the economy contracted 4.2% on an annual basis in the third quarter, after plunging 7.0% in the second quarter.
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Saudi Arabia: Non-oil PMI improves in September
October 5, 2020
The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased to 50.7 in September from 48.8 in August.
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Saudi Arabia: GDP contracts deeply in Q2 as both the oil and non-oil sectors reel
September 30, 2020
The economy contracted 7.0% on an annual basis in the second quarter, after dipping 1.0% in the first quarter.
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Saudi Arabia: Non-oil PMI ticks down in June, conditions continue to worsen
July 5, 2020
The Purchasing Managers’ Index (PMI), produced by IHS Markit, decreased to 47.7 in June from 48.1 in May.
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