Unemployment in Saudi Arabia
Saudi Arabia - UnemploymentThe 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
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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Saudi Arabia: Oil prices jump in May–June, on the back of OPEC+’s commitment to gradual production cuts
June 4, 2021
Oil prices increased in recent weeks, due to OPEC+’s decision to stick to its current production cut regime from May through to July, and amid stronger demand prospects bolstered by solid progress on the global vaccination drive.
June 3, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased from 55.2 in April to 56.4 in May.
May 9, 2021
The economy contracted 3.3% on an annual basis in the first quarter, after shrinking 3.9% in the fourth quarter of 2020.
May 7, 2021
Oil prices increased in recent weeks, despite OPEC+’s decision to ease its production cuts starting from May, as stronger demand prospects outweighed higher supply.
May 4, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased from 53.3 in March to 55.2 in April.