Unemployment in Saudi Arabia
Saudi Arabia - Unemployment
After 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
| 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: PMI signals another strong expansion in July
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.
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Saudi Arabia: Oil prices fall in July on recession fears
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.
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Saudi Arabia: GDP accelerates to a fresh over-decade high in Q2
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.
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Saudi Arabia: Inflation comes in at highest level in a year in June
July 21, 2022
Consumer prices rose 0.23% in June over the previous month, picking up from May's 0.12% increase.
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Saudi Arabia: PMI hits highest reading since October 2021 in June
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.
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