Industry in Saudi Arabia
Saudi Arabia - Industry
While the economy appears to have ended 2018 on a solid footing, prospects for this year are quickly deteriorating. This is predominantly the consequence of oil production cuts agreed in December among OPEC+ countries, which will drag on GDP growth this year. That said, the oil production caps have started to boost oil prices, which should shore up government revenues somewhat. Moreover, the economy remains constrained by the government’s Saudization policy, which intends to boost the number of jobs for Saudis in the private sector by imposing labor restrictions on foreigners. According to analysts, the amount of expat jobs in the country—especially in the retail sector—declined by around 1.5 million people in the 2017–2018 period; the unemployment rate among Saudis in the same period has nevertheless remained virtually unchanged, hovering around 13%.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 % | Feb 14 |
| Stock Market | 0.2 | 1.00 % | Feb 14 |
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Economic News
Saudi Arabia: Oil prices extend gains in January as OPEC+ cuts oil supply
February 5, 2019
Oil prices recovered briskly in January after they plunged to an over one-year low in late December, with the OPEC oil basket trading at USD 61.2 per barrel on 31 January.
Saudi Arabia: PMI climbs to an over one-year high in January
February 5, 2019
The Purchasing Managers’ Index (PMI), sponsored by Emirates NBD and produced by IHS Markit, rose from 54.5 in December to 56.2 in January.
Saudi Arabia: Inflation moderates sharply in December
January 22, 2019
Consumer prices fell 0.3% over the previous month in December, following November’s 0.3% decline.
Saudi Arabia: PMI moderates in December
January 10, 2019
The Purchasing Managers’ Index (PMI), sponsored by Emirates NBD and produced by IHS Markit, fell from 55.2 in November to 54.5 in December.
Saudi Arabia: Oil prices plummet in December on global oil glut fears
January 2, 2019
On 26 December, OPEC oil prices fell to their lowest since September 2017 (USD 50.1 per barrel) due to concerns over excess supply.
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