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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.

Q1 2023 GDP Update: (Non-oil GDP growth remains buoyant)

Macroeconomic report

GASTAT data show that the non-oil economy continues to expand at a robust rate. Real non-oil GDP grew by 5.3 percent in Q1, year-on-year, the third quarter running that this mark was achieved, and in line with the 2021-22 quarterly average.

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Saudi Chartbook – June 2023

Monthly chartbook

Saudi Chartbook – June 2023

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Q1 2023 Budget Statement: (Spending surge triggers small deficit)

Budget report

The central government recorded a small fiscal deficit of SR2.9 billion in Q1-23, driven by a 29 percent surge in spending. Revenue climbed by just 1 percent, with VAT receipts helping to offset a 3 percent drop in oil revenue.

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Saudi Chartbook – May 2023

Monthly chartbook

Saudi Chartbook – May 2023

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Saudi Labor Market Update - 2022

Labor Market report

The General Authority for Statistics’ (GaStat) latest labor market release shows that unemployment dropped to 8 percent at the end of 2022, down from 11 percent in 2021.

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