Industry in Saudi Arabia

Saudi Arabia Industry | Economic News & Forecasts

Saudi Arabia - Industry

GDP grew at the fastest pace in more than a decade in Q1 2022, with the oil sector driving the expansion. Oil production in the quarter rose to the highest level since Q4 2018 on the back of further boosts to OPEC+ production quotas. High oil prices boosted the external and fiscal balances, and are set to continue doing so, leading Fitch Ratings and S&P to upgrade the country’s sovereign debt ratings outlook to positive. The non-oil sector slowed somewhat, likely due to the Omicron variant’s impact on the global economy. Turning to Q2, activity is set to remain strong. OPEC+ production quotas will continue to gradually increase, while oil prices are set to remain at near-decade highs. This said, with the government pressing on with its diversification agenda, the oil windfall is unlikely to lead to as large of a fiscal stimulus to demand as in past years.

Saudi Arabia - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)5.0  2.3  -2.4  2.7  -2.6  

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Saudi Arabia Facts

Value Change Date
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

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