Saudi Arabia Economic Outlook
October 3, 2017The economy contracted for a second consecutive quarter in Q2 as the oil sector struggled with subdued crude prices and output, and the non-oil private sector faced reduced government support. Low oil prices, coupled with the country’s commitment to cutting crude output per last November’s OPEC deal, are weighing on investment and household consumption. In the third quarter, the economy is expected to have performed somewhat better, with PMI readings suggesting strong new orders and export demand growth. More importantly, oil prices hit a two-year high at the end of September. However, the economy is not yet out of the woods, as outstanding bank loans continued to fall in July and August, pointing to persistent weakness in the private sector. In addition, while the country’s fiscal performance in H1 was better than expected, foreign reserves in August fell to their lowest level since April 2011 due to the gaping fiscal deficit.
Saudi Arabia Economy Data
5 years of Saudi Arabia economic forecasts for more than 30 economic indicators.
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Saudi Arabia Facts
|Bond Yield||2.49||0.0 %||Jun 23|
|Exchange Rate||3.75||0.0 %||Oct 13|
|Stock Market||0.2||1.42 %||Oct 12|
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Saudi Arabia Economic Growth
October 3, 2017Because of a weak oil sector and unfavorable dynamics in the non-oil private sector, the economy is expected to shrink 0.4% this year. Looking to 2018, the Saudi economy is seen growing again as infrastructure spending growth accelerates, oil prices continue to rise and private consumption proves resilient even with the implementation of VAT and an energy price reform. Met the why particular Consensus Forecast panelists pencil in growth of 1.5% next year, which is down 0.1 percentage points from last month’s projection.
Saudi Arabia Economic News
September 30, 2017
The economy slipped into recession in the second quarter as the oil sector struggled with low crude output and prices, and the non-oil economy grappled with economic reforms and the government’s tight fiscal stance.
Saudi Arabia: Oil prices rally in September as demand for energy surges and U.S. refineries resume operations
September 27, 2017
The OPEC oil basket traded at an over two-year high of USD 56.1 per barrel on 27 September, a sizeable 12.3% increase from the same day in August.
September 19, 2017
Consumer prices were unchanged from the previous month in August, following a 0.1% month-on-month increase in July.
September 6, 2017
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit inched up to a four-month high of 55.8 in August from 55.7 in July, a back-to-back increase.
Saudi Arabia: U.S. oil production keeps a lid on oil prices in August, will Hurricane Harvey lift it off in September?
August 29, 2017
The OPEC oil basket traded at USD 49.5 per barrel on 29 August, a small 0.1% increase from the same day in July.