Saudi arabia economy

Eight sectors—mining and metals, petrochemicals, Mar 11, 2024 · The data confirmed that the Saudi economy contracted in 2023. Saudi Arabia's GDP at current prices reached 1. Young. The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export While Saudi Arabia’s economic base continues to be dominated by oil, the Kingdom has taken steps to diversify the economy. 1 million. However, the large influx of foreign workers in Saudi Arabia in the oil industry increased the pre-existing propensity for xenophobia. 8 . The Saudi Arabian economy has changed almost beyond recognition since the oil boom days of the 1980s, and the Kingdom itself has changed too economically, socially, and demographically. 2% and government activities increased by 2. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. Research, KPMG in Saudi Arabia. Saudi Arabia’s economic freedom score is 61. About this book. Aug 17, 2022 · Monetary Fund (IMF) concluded the 2022 Article IV consultation1 with Saudi Arabia. Showcasing the country’s innovative strategies, His Excellency Saudi Minister of Economy and Planning Faisal Alibrahim spoke at a panel at the ongoing Davos 2024 and emphasized how the country is a global exemplar. GDP (current US$) - Saudi Arabia. 5% in Q4/2022 compared to Q4/2021 and Seasonally Adjusted Real GDP grew by 1. 1B, resulting in a positive trade balance of SAR43. 8% in the fourth quarter of 2021, maintaining the fastest pace of annual growth in almost a decade as high oil prices boost the kingdom’s income and drive its Sep 7, 2022 · Saudi Arabia’s economy expanded faster than earlier estimated in the second quarter, after a more upbeat assessment of gains in non-oil gross domestic product. The Kingdom benefitted from higher energy prices amid Russia’s invasion of Ukraine, elevating oil sector activity by 15. Economy Saudi Arabia, published by JC Media Group, takes an independent and impartial approach to the latest news and insights into the economic sectors of the Kingdom of Saudi Arabia. The continuation of Vision 2030 reforms has helped advance the country’s economic diversification agenda, including through reduced reliance on oil. Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with a robust growth, contained inflation and a Compare Saudi Arabia Economy with other countries. 63 percent, to close at 11,729. S. This boost led to a fiscal surplus, offering flexibility Dec 11, 2022 · Saudi Arabia's economy grows 8. 155 trillion (USD 1 trillion) for the first time, with the Kingdom joining the trillion-dollar club and achieving the Jan 18, 2024 · Saudi Arabia’s economic diversification efforts are advancing rapidly. 6 Rankings on Doing Business topics - Saudi Arabia 38 28 18 19 80 3 57 86 51 168 Starting a Business Dealing with Construction Permits Getting Electricity Registering Property Getting Credit Protecting Apr 23, 2024 · Vision becoming reality. Saudi Arabia is a sparsely populated kingdom in the Middle East, known for its oil industry and ruled by the Saud family that embraced the conservative Wahhabi Islamic movement in the 18th century. 32%) from SAR103B to SAR101B, while imports increased by SAR1. 7% and swing to its Sep 23, 2023 · Saudi Arabia's gross domestic product (GDP) has exceeded the ceiling of SAR 4. License : CC BY-4. 7% last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade ($1 = 3. Its rating has increased by 3. 2% Q2 growth on higher oil prices. The World Bank has revised its growth forecast for Saudi Arabia, expecting the country's economy to contract by 0. The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings. Its milestones — the lifting of the ban on cinemas and women drivers, the sale of shares in state oil company Saudi Aramco, the launch of several domestic gigaprojects, heavy state investment in economic diversification initiatives and the dramatic rise in Q4 2021 -Economic and Investment Monitor, Saudi Arabia- 3. Extensive coastlines provide leverage on shipping, especially crude oil, through the Persian Gulf and Suez Canal. 4 million migrants, comprising 41. 7 million Saudi jobs in a decade. Aided by elevated oil prices in 2022, strategies underlined in Vision 2030 continue moving forwards, and the Kingdom today presents ample opportunities for foreign investors, underpinned Sep 6, 2023 · Saudi Arabia's economy grew 8. In the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014. , GDP after accounting for inflation) was largely due to the 9% contraction in the oil sector that followed the production cuts under the OPEC+ agreement. 6% in third quarter as oil activities accelerate. The plan is also aimed at improving its citizens' lives and keeping its place Saudi Arabia has undergone significant reforms to foster growth and diversification. The 0. 0. 1 trillion, with Mining and quarrying being the activity with the highest registered revenue (SAR 1. exports to Saudi Arabia supported over 165,000 American jobs. The 2020 outlook remains very weak with medium-term recovery dependent on global economic rebound and eventual containment of the International Monetary Fund - IMF Aug 30, 2022 · Saudi Arabia will be the world’s fastest-growing major economy in 2022, outperforming the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies. 5 percent and praised the Saudi non-oil economy as “robust”. Since Saudi Arabia's economy depends mainly on oil, its GDP The economy of Saudi Arabia is heavily dependent on oil, and is a member of OPEC. Its importance as an oil exporter has made economic interdependence with the West - where the main consumer demand is Sep 5, 2023 · Washington, DC: On July 20, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the 2023 Article IV consultation [1] with Saudi Arabia. Read about the latest updates of Saudi Arabia economics in Economy Middle East which is the reliable source of business news from GCC & MENA region to the world. 7% of the total exports, followed by refined petroleum—8. Economics, Education. Gross domestic product shrunk 4. Gross domestic Saudi Arabia The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. Saudi Arabia's economic outlook is promising, underpinned by its Vision 2030 strategy focused on diversifying from oil to a knowledge-based economy. The objective of this study is to highlight the challenges of human capital development in the Gulf Arab countries in general and in Saudi Arabia in particular. Saudi Arabia Foreign Direct Investment (FDI) recorded an increase of 61. May 3, 2023 · Saudi Arabia has embarked on an ambitious economic transformation plan known as Vision 2030, investing billions to diversify into sectors such as tourism, launch massive infrastructure projects Oct 31, 2023 · Saudi Arabia 's real gross domestic product (GDP) contracted by 4. 7503 riyals) Sign up here. 7 percent, reflecting both strong oil production and a 4. This is due to production cuts and lower oil prices. Saudi Arabia Region Middle East & North Africa Income Category High income Population 33,699,947 City Covered Riyadh 62 DB RANK DB SCORE 71. Approximately 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, Riyadh is struggling to reduce unemployment among its own Jun 6, 2023 · The Saudi economy grew at 8. A key oil producer with over 15% of the world’s proven reserves, Saudi Arabia is undergoing a major economic transformation under its Vision 2030 plan. About us. We estimate this would require about $4 trillion in investment. According to the MoF, Saudi Arabia’s GDP was Saudi Arabia's economy stands at a crossroads. 8 percent non-oil GDP growth driven by robust Saudi economy - Find the Latest News, Views, Reviews, Comments, Analysis, Updates, Photos & Videos on Saudi economy across Dubai, Abu Dhabi, UAE, Saudi Arabia, Gulf Apr 21, 2024 · April 21, 2024. It is currently attempting to diversify its economy into areas such as telecommunications, power generation, natural gas and encouraged private investment to provide more Apr 25, 2023 · Saudi Arabia: Introduction. Beyond high-profile projects and events, strategic cohesion and societal support are facilitating tangible developments on the ground. Saudi Arabia has an oil-based economy with strong government controls over major economic activities. 4 percent in 2024, Aljazira Capital has predicted in its year-end report. Saudi Arabia was the fastest growing G20 economy in 2022. 6 percent of the population. Saudi Arabia’s economy relies heavily on migrant workers. Kingdom’s GDP rose by 9. Jan 27, 2022 · The MBS Economy. Saudi Arabia commits $800 billion to tourism, aims for 10 percent sector contribution to economy by 2030: Minister Al Khateeb outlines plans to add over 250,000 hotel rooms, attract young Saudis to the industry Dec 21, 2021 · Saudi Arabia has an oil-based economy with strong government controls over major economic activities. The forecast is in line with the Kingdom’s Finance Ministry’s . Merchandise exports and imports increased by 71. 2% of the total). In 2022, the total operating revenues of the various economic activities in Saudi Arabia reached SAR 5. Oil prices rise, and the population grows, fueling economic growth. Saudi Arabia’s non-oil sector grew by 3. 6% year-on-year in the first quarter. It is expected that the "thriving economy" foreseen in Vision 2030 will be achieved through major change in the economic model, with a shift towards a new paradigm based on increased May 1, 2022 · Saudi Economy Grows at Fastest Pace in a Decade on Oil Boom. 89B (3. Vision 2030 is Saudi Arabia's grand plan to transform its economy and reduce its reliance on oil. 5% of the countries in the dataset. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor Jun 8, 2023 · Saudi Arabia's economy grew by 3. But with a plan known as Vision 2030, Saudi Arabia is trying to pivot away from that economic base. The largest share concerns crude petroleum—64. 3 percent to 5. 36%) from SAR56. 7. 62. The revision for 2024 reflects “temporarily lower oil production in 2024, including from unilateral cuts and cuts in line with an agreement through Opec+”, the report said. 8% in the second quarter, maintaining the fastest pace of growth since 2011 buoyed by higher oil prices and production. 1% in Q3 2021 compared to the same period last year. Under Article IV of its Articles of Agreement, the IMF has a mandate to exercise surveillance over the economic, financial and exchange rate policies of its members in order to ensure the effective Dec 6, 2023 · Saudi Arabia forecasts only a slight decrease in revenues in its 2024 budget despite extended oil production cuts and lower oil prices, with heavy spending planned as it presses on with mega The Important Indicators. 8% and 17. 0 Saudi economy grows by 5. The contracting oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors. The total trading turnover of the benchmark index was SR6. Saudi Arabia is a country in the Middle East bordering the Persian Gulf and the Red Sea. RIYADH: Saudi Arabia’s fiscal prospects are Saudi Arabia's Economic Update — April 2020. World Bank national accounts data, and OECD National Accounts data files. 6 million while the non-Saudi nationals increased to 8. 8% and ended the year on a relatively strong note, with Apr 20, 2005 · Human resource development in Gulf countries: an analysis of the trends and challenges facing Saudi Arabia. 1% in the second quarter, according to government estimates released on Monday, supported by an increase in non-oil activities, although overall Jul 14, 2021 · The International Monetary Fund (IMF) has just released its July 2021 Article IV Consultation. Karen E. 03 trillion riyals ($275. Oct 19, 2020 · Saudi Arabia's Economic Update — October 2020. Apr 14, 2022 · The report projects strong growth of 7% in 2022, driven by higher oil prices and non-oil activities, as the pandemic fades and oil production strengthens. COVID-19 and lower oil production levels and prices are weighing heavily on the economy and fiscal position, despite sizable fiscal and monetary mitigation measures. The Kingdom of Saudi Arabia implemented significant cuts in oil production in 2019, as part of an OPEC+ agreement. 2B to SAR58. In 2017, its total exports were USD 170 billion, and it ranked as the 26th largest exporter in the world. The employment-to-popula-tion ratio decreased slightly between Q1 and Q3-2023, with the declines primarily driven by changes among Saudi males and among non-Saudi women. These have contributed to softening GDP growth to 1. e. Saudi economy beats estimates with 12. Saudi Arabia is undergoing a period of sweeping social transformation and economic diversification underpinned by Vision 2030. 7% last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade. 5% in Q4/2022 and 8. 7% year-on-year. 9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday. In 2016, Saudi Arabia embarked on a radical political and economic experiment. Apr 8, 2024 · Saudi Arabia has the 19th largest gross domestic product, with projected GDP growth and a consequently increasing GDP per capita. Oct 27, 2020 · Saudi Arabia’s economy is over-reliant on the export of fossil fuels. 50% to 6%. As the voice of the region’s economic sphere, we offer a fresh perspective on diverse topics, including Economics Jun 2, 2024 · World Bank sees Saudi Arabia's economy contracting in 2023, MENA growth sharply lower. 0% as a result of rising world demand for crude oil and the increase of Saudi production in 2021. With US shale production continuing to increase in the first half of 2019 Feb 10, 2022 · Saudi Arabia’s economy expanded 6. 8% in Q3/2021, compared to Q3/2020. Feb 15, 2024 · For decades, Saudi Arabia's economy has been defined by its abundant oil reserves. In 2016 the Saudi Government launched its Saudi Vision 2030 to reduce the country's dependency on oil and diversify its economic resources. In April of that year, then Deputy Crown Prince Mohammed bin Salman announced the Vision 2030 economic reform initiative, which he delivered alongside a scathing critique of the country’s dependence on oil Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. The kingdom has recovered quickly from a pandemic-induced recession in 2020 and is reaping the rewards of high global energy May 7, 2023 · Saudi Arabia's economy grew by 3. 2023/323. The International Monetary Fund (IMF) upgraded its forecast for Saudi Arabia’s economic growth in 2025 from 5. The program aims to diversify the economy away from oil, which accounts for about 60% of its public revenues and 75% of its exports. With about 17. 2 per cent of GDP. Saudi Arabia is one of the key members of the G20 countries. 26%. percent share of the world’s total crude reserves, the country plays a vital role in maintaining stability in the global oil market. By Dana Sep 18, 2021 · Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Saudi Arabia exports petrochemicals, plastics, metal goods, construction materials and electrical appliances to some 90 countries. 7% year-on-year (y/y) in Q1 2019 from 2. Aug 10, 2023 · Saudi Arabia hosts a new Formula 1 Grand Prix in Jeddah and is building a track near the capital, Riyadh; Saudi investors were reported to have considered bidding $20bn for the whole of Formula 1 Oct 31, 2023 · Saudi Arabia ’s economy suffered its biggest contraction since 2020 during the third quarter, after the kingdom cut oil production to push up prices. Sep 5, 2023 · Saudi Arabia’s economy is booming, unemployment is at a record low, the output gap is closed, inflation is contained, and fiscal and external buffers have been rebuilt. The current economic model is driven by oil exports, which account for 84 percent of exports and 42 percent of GDP. In 2021, the United States ran a $6. companies to engage across many sectors, from energy to healthcare and entertainment. Non-oil gross domestic product -- the Aug 29, 2023 · The Kingdom of Saudi Arabia is one of the main players in the Arab world. It is also the single-largest economy in the MENA region. Saudi gross domestic product, the broadest measure of its economy May 20, 2024 · Saudi Arabia ambitious Vision 2030 drives a $1. Saudi Arabia is the world’s largest exporter of oil, and this provides the foundations for its economy: 45% of GDP, 80% of budget revenue and 90% of export earnings. This Jan 31, 2024 · But in its three-monthly World Economic Outlook, the IMF raised its 2025 outlook by 1. 6% respectively, in Q3 2021, compared to the same period last year. 6 Saudi Arabia has an oil-based economy with strong government controls over major economic activities. Oil provided Saudi Arabia with economic prosperity and substantial political leverage internationally. By ARAB NEWS · 02 January 2024. Between April 2023 and April 2024 the exports of Saudi Arabia have decreased by SAR-1. Saudi Arabia, started 2023 with its most rapid economic expansion in over a decade, outpacing the growth of its G20 peers despite global economic challenges. Cultural life rapidly developed, primarily in the Hejaz, which was the centre for newspapers and radio. This positive growth was due to the high increase in oil activities by 9. Economic growth surged last year amid a huge windfall from high oil prices which averaged about $100 per barrel Sep 30, 2023 · Saudi Arabia's economy grew 8. For example, Saudi Arabia’s Exports rank is higher than 89. 7 percent in 2022, providing abundant opportunities for U. Hydrocarbon sector remains strong, but non-oil Jun 25, 2024 · Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Jul 31, 2023 · Saudi Arabia's gross domestic product (GDP) grew 1. Label. This webinar will address the report in the context of the impact of the Covid-19 pandemic on the Saudi economy and assess the government's policy response. 2009. While some initiatives were delayed during the Covid-19 pandemic, progress in areas such as the digital economy accelerated. 1B. The IMF’s World Economic Outlook report shed light on the kingdom However, a productivity-led transformation of the economy could enable Saudi Arabia to again double its GDP and create as many as six million new Saudi jobs by 2030. January 27, 2022. Executive Summary. 8 trillion transformation by 2027. 27 points, or 0. 36B (-1. 1969 - 2022. Country Report No. Share. The fund expects the Saudi economy to be the second-fastest growing economy in 2025 after India, according to the Saudi News Agency (SPA). Line Bar Map. 5% in the third quarter, according to preliminary government data on Tuesday, weighed down by a sharp fall in oil activity on the back of cuts to crude production. A historic rise in oil prices starting in 2003 led to a doubling of Saudi Arabia’s GDP and created 1. This publication examines the key sectors driving the Kingdom’s growth under the National Industrial Development and Logistics Programme (NIDLP Nov 3, 2023 · Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. 2B. Exports FDI, net inflows GDP Growth Rate GDP Per Nov 9, 2021 · Saudi Arabia ’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government. Aug 17, 2022 · Saudi Arabia is likely to be one of the world’s fastest-growing economies this year as sweeping pro-business reforms and a sharp rise in oil prices and production power recovery from a pandemic-induced recession in 2020. 5 trillion, 29. 4% during the year. 8% year on year in the first quarter of 2023, the General Authority for Statistics said on Thursday, broadly in line with estimates released last month. Achoui. Saudi gross domestic product, the broadest measure of its economy Domestic Product (GDP) of Saudi Arabia grew by 6. 7% for the year 2022 According to estimates by the General Authority for Statistics (GASTAT), the real Gross Domestic Product (GDP) of Saudi Arabia grew by 5. 8% drop in real GDP (i. During the panel titled “Investors of First Resort 50. But cuts to production this year and lower prices have Jan 31, 2024 · This is in sharp contrast to 2022, when Saudi Arabia was the G20 group's best performing economy, boosted by an oil price windfall, which allowed it to achieve growth of 8. The outlook for 2020 remains very weak in the wake of COVID-19 and oil supply shocks. 53 billion) in the third quarter, with crude petroleum and natural gas activities contributing 35. License: CC BY-4. 3% compared to Q3/2022. Sep 6, 2023 · In a press statement, the IMF noted that Saudi Arabia was the fastest-growing economy among G20 countries, achieving an overall growth rate of 8. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. It also assesses the risks and opportunities for the Saudi Arabian economy in the medium-term. Saudi Arabia economy rankings: GDP - 18, GDP growth 5-year average - 124, GPD per capita - 41, economic freedom index - 88, business freedom index - 80 The number of Saudis working in the private sector in Q3-2023 is estimated at 2. Saudi Arabia is recovering strongly following a deep pandemic-induced recession. Islamic law, the Sharia, is the primary source of legislation, but the actual promulgation of legislation and implementation of policy is often mitigated by more mundane Saudi Arabia GDP Driven By Hydrocarbons—For Now. Non-oil activities increased by 6. Welcome to the Economic Data Platform The Economic Data Platform is a platform specialized in Saudi economic affairs, and it serves as a comprehensive database for all economic statistical data and indicators in the Kingdom. 9% in 2023. Saudi Arabia - was last updated on Saturday, June 29, 2024. This is creating a fertile environment for private businesses to expand into emerging market segments to meet rapidly rising demand from the Kingdom’s relatively young and aspirational consumer class, particularly in May 30, 2024 · World’s biggest exporter says it will no longer seek to increase output to 13mn barrels a day. 4% in 2018. Overall growth reached 8. Today, industrial products make up more than 90 percent of the Kingdom’s non-oil exports. 9, making its economy the 69th freest in the 2024 Index of Economic Freedom. Sep 9, 2023 · RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 73. The story of the transformation of Saudi Arabia’s non-oil economy under Vision 2030 is by now a familiar one. Jan 31, 2023 · Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies. GDP growth (annual %) - Saudi Arabia. Medium-term fiscal balances are estimated to continue in deficit— risking the ability in realizing Vision Nov 3, 2023 · Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Economy benefiting as crude prices and production increase. Saudi gross domestic product, the broadest measure of its economy Jun 30, 2024 · Saudi Arabia - Monarchy, Sharia, Tribes: Saudi Arabia is a monarchy ruled by the Saud dynasty (Āl Saʿūd), a family whose status was established by its close ties with and support for the Wahhābī religious establishment. Based on its 2022 census, Saudi Arabia hosts almost 13. 61 Saudi Arabia’s GDP to surge by 4. Approximately 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, Riyadh is struggling to reduce unemployment among its own Jul 9, 2023 · Saudi Arabia’s decision to extend its oil production cuts — part of a largely unsuccessful bid to raise prices — may trigger an economic contraction in what was the Group of 20’s fastest Oct 9, 2019 · Saudi Arabia's Economic Update — October 2019. Jul 31, 2022 · Saudi Arabia’s economy expanded 11. Investments in non-oil sectors like tourism, technology, and renewable energy, along with business environment reforms to attract foreign investment, position the country for positive long-term Overview In April 2024 Saudi Arabia exported SAR101B and imported SAR58. At 12 Economic Freedoms Scores over Time. The latest on the economy, politics, government On July 20th, the Executive Board of the International Monetary Fund concluded the consideration of the Article IV Consultations of Saudi Arabia. 5% in the Jan 2, 2024 · RIYADH: Saudi Arabia’s economy is likely to grow by 4. Neighboring countries include Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates, and Yemen. The platform provides statistical data on prices, energy, GDP, international trade, the labor Apr 12, 2022 · Saudi Arabia has embarked on a major economic and social transformation outlined in its Vision 2030: diversification away from oil and a renewed social contract. Mustapha M. Aug 27, 2023 · Neom/Getty Images. With lasting effects from the pandemic and lower oil prices through early 2021, fiscal pressure increased and heightened the pace of some Nov 3, 2023 · Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Saudi Arabia’s Vision 2030 blueprint for socio-economic transformation is capturing international attention. 4 billion goods-and-services trade surplus with Saudi Arabia, and U. Breaking news and top stories from Saudi Arabia. 4% in 2024: report. In the second edition of The Saudi Arabian Economy, Mohamed Ramady uses several overlapping themes to establish and develop a framework for About us - Economy Saudi Arabia. iq pf wk wh dq lh sh hj vx sd