Industry in Saudi Arabia
Saudi Arabia - Industry
The economic recovery continued to gain traction in Q2, with GDP expanding at the fastest pace in one-and-a-half years. The Saudi economy continued to benefit from higher oil prices—which are around 50% above the levels observed last year—and solid crude oil output. Against this backdrop, the government loosened its fiscal stance, which mainly translated into higher handouts and cash transfers to households to offset negative spillovers from subsidy cuts and the introduction of a VAT in January. Despite a soft start to the year, activity in the non-oil sectors is slowly gathering momentum, with the PMI for the non-hydrocarbon sector in July and August hovering above Q2’s average. Saudi Arabia’s solid economic position likely paved the way for JP Morgan to announce, on 26 September, the inclusion of the country into its emerging market government bond indexes next year, which lead Saudi bonds to rally in late September.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 % | Oct 18 |
| Stock Market | 0.2 | 1.00 % | Oct 17 |
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Economic News
Saudi Arabia: PMI declines in September
October 3, 2018
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit edged down from 55.1 in August to 53.4 in September.
Saudi Arabia: Oil prices hit a nearly four-year high in September on supply concerns
October 1, 2018
Oil prices continued to climb in recent weeks due to fears of a decline in global supply once fresh U.S. sanctions against Iran come into force on 4 November.
Saudi Arabia: Economic growth accelerates in Q2 on higher oil exports
September 30, 2018
The Saudi economy continued to recover in the second quarter on the back of higher oil prices and increased oil production.
Saudi Arabia: Inflation stabilizes in August
September 25, 2018
Consumer prices fell 0.2% over the previous month in August, contrasting July’s 0.1% rise.
Saudi Arabia: PMI inches up in August
September 3, 2018
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit edged up to 55.1 in August from 54.9 in July.
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