Unemployment in Saudi Arabia
Saudi Arabia - Unemployment
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 - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 5.7 | 5.6 | 5.9 | 6.0 | 5.6 |
Saudi Arabia Unemployment Chart
Source: Central Department of Statistics and Information.
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: 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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Saudi Arabia: Oil prices continue rise in June-July as OPEC output drops to two-decade lows
July 3, 2020
Oil prices recovered noticeably over the past month, hitting a roughly four-month high, as production cuts in May–June curtailed supply and easing lockdown measures in most parts of the world supported demand prospects.
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Saudi Arabia: GDP contracts in Q1 at the sharpest pace in over two years
June 30, 2020
The economy contracted for the third consecutive quarter in Q1 and at the sharpest pace since December 2017 as a significant slowdown in the non-oil sector and ongoing oil production cuts weighed on activity.
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