Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Recent developments related to the Russian-Ukrainian conflict have pushed inflation expectations in many parts of the world upwards, following a year of steadily rising prices in 2021.
The General Authority for Statistics’ (GaStat) latest labor market release showed that unemployment amongst Saudis declined to 11 percent in Q4 2021 versus 11.3 percent in Q3 2021 and 12.6 percent at the end of 2020.
Although OPEC data showed global oil demand grew by a healthy 5.3 percent year-on-year in Q1 2022, the agency recently revised down full year 2022 oil demand growth by 12 percent. It is also worth highlighting that OPEC’s current outlook on oil demand is based not only on the assumption that armed conflict in Ukraine does not escalate, but that it eases in the second half of the year.