Industry in Saudi Arabia
Saudi Arabia - Industry
Economic activity likely remained depressed in the final quarter of the year, after contracting for the first time in roughly two years in the third quarter. Crude oil production in Q4 was well below 2018’s average, despite rising from Q3 when drone attacks in September temporarily halted nearly half of the country’s oil production. Moreover, output tapered in December from October–November. Nevertheless, activity in the non-oil private sector should have cushioned the downturn as the PMI continued to point to improving conditions. Furthermore, retail sales should have remained upbeat after posting a strong expansion in Q3, as healthy credit growth carried into Q4. In other news, OPEC+ held an emergency meeting in the week ending 7 February, which sought to cut supply levels amid depressed prices. The meeting proved inconclusive, but markets are anticipating cuts in March given the recent downward trend in prices.Saudi Arabia - Industry Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | 3.1 | 5.0 | 2.3 | -2.4 | 2.5 |
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: Coronavirus slashes oil prices in February
February 7, 2020
Oil prices tumbled over the past month, as markets considered the impact that the recent outbreak of the coronavirus outbreak could have on the Chinese economy and, in turn, oil demand.
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Saudi Arabia: Non-oil PMI posts weakest reading since December 2018 in January
February 4, 2020
The Purchasing Managers’ Index (PMI), produced by IHS Markit, moderated from December’s 56.9 to 54.9 in January.
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Saudi Arabia: Consumer prices pick up modestly in December
January 17, 2020
Consumer prices ticked up 0.1% over the previous month in December, contrasting November’s 0.1% decrease.
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Saudi Arabia: Oil prices surge in early January on mounting geopolitical risks
January 13, 2020
Oil prices jumped in the aftermath of the assassination of Iranian Major General Qasem Soleimani by a targeted U.S. drone strike on 3 January, as markets were anticipating retaliation from Iran.
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Saudi Arabia: Non-oil PMI declines to five-month low in December
January 5, 2020
The Purchasing Managers’ Index (PMI), produced by IHS Markit, declined from November’s 58.3 to 56.9 in December.
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