Unemployment in Saudi Arabia
Saudi Arabia - Unemployment
The economy benefited from increased crude oil production and higher prices for the black gold in the third quarter, prompting GDP to expand at the fastest pace in two-and-a-half years. Although growth in non-oil private activity accelerated slightly, it remained low compared to historical figures. Subdued dynamics in the private sector, a rising unemployment rate and low levels of foreign investment are casting doubts over the much-trumpeted Saudi Vision 2030. In order to shore up economic growth, on 18 December, the government announced an expansionary budget for 2019, which focuses on boosting capital expenditure. Analysts, however, warn that the projected revenues could be on the optimistic side. While the implied price is about USD 70 per barrel, oil prices have fallen in recent weeks and hit an over one-year low of USD 50.1 per barrel on 26 December.Saudi Arabia - Unemployment Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Unemployment Rate | 5.6 | 5.8 | 5.7 | 5.6 | 5.9 |
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 % | Jan 14 |
| Stock Market | 0.2 | 1.00 % | Jan 14 |
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Economic News
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.
Saudi Arabia: The oil sector propels economic growth in Q3
December 31, 2018
Saudi Arabia’s economic recovery gathered steam in the third quarter on the back of higher oil prices and increased crude oil production.
Saudi Arabia: Inflation hits an eight-month high in November
December 24, 2018
Consumer prices fell 0.2% over the previous month in November, following October’s 0.3% decline.
Saudi Arabia: Government unveils an expansionary budget for 2019 despite the recent fall in oil prices
December 18, 2018
On 18 December Saudi Arabia presented its budget for 2019, which is the Kingdom’s largest ever in a bid to spur faltering economic growth.
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