Unemployment in Saudi Arabia
Saudi Arabia - UnemploymentAfter expanding at the fastest pace in more than a decade during Q1, the economy is likely to remain at full throttle in Q2. Thanks to an increased OPEC+ quota, oil production rose to its highest level in two years during April. After slipping during that same month, oil prices then recorded their highest monthly average since 2011 in May. Rising oil prices are boosting the external and fiscal balances. However, this windfall is unlikely to boost GDP as much as in recent years. The government is concerned that as the world turns away from fossil fuels, this could be oil’s last great bull run. As a result, it is planning to plough money from this windfall into the country’s USD 600 billion sovereign wealth fund as part of its effort to diversify the economy. It will also use some of it to rebuild foreign exchange reserves and reduce public debt.
Saudi Arabia - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Saudi Arabia Unemployment Chart
Source: Central Department of Statistics and Information.
Saudi Arabia Facts
|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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August 3, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 56.3 in July, down from June's eight-month high of 57.0.
August 1, 2022
The OPEC oil basket traded at USD 109.3 per barrel on average in July, down 7.3% from the prior month.
July 31, 2022
A flash estimate showed that the economy grew 11.8% on an annual basis in Q2—the fastest pace since 2011—thereby confirming the economy continued to grow at breakneck speed after expanding 9.9% in Q1. The improved performance was due to a stronger expansion in the oil sector, which grew 23.1% in Q2 compared to 20.3% in Q1.
July 21, 2022
Consumer prices rose 0.23% in June over the previous month, picking up from May's 0.12% increase.
July 5, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 57.0 in June, up from May's 55.7.