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Insights

Economic updates

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.

Saudi Chartbook – March 2024

Monthly chartbook

Saudi Chartbook – March 2024

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Saudi Economy in 2024-25

Macroeconomic report

Saudi Arabia’s non-oil economy continues to expand at a brisk pace. The authorities’ preliminary estimate puts non-oil GDP growth at 4.6 percent in 2023 and we see an acceleration to 5 percent-plus in the next two years. Growth will be driven by both consumption and investment, with net exports a drag—at least this year. Consumer price inflation should remain contained, though project cost overruns are likely.

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Saudi Chartbook - February 2024

Monthly chartbook

Saudi Chartbook - February 2024

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Saudi Chartbook – January 2024

Monthly chartbook

Saudi Chartbook – January 2024

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Macroeconomic update - December 2023: (Domestic demand remains strong)

Macroeconomic report

Domestic demand in the Kingdom remains very strong, driven by a booming projects market and firm consumption growth. Following a comparatively soft patch in Q3, the non-oil economy is picking up pace again, thanks in part to an acceleration in central government spending. We expect non-oil GDP growth to reach 5.1 percent this year and 5.2 percent in 2024.

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