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 Budget Statement: (Spending surge triggers small deficit)
Budget reportThe 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.
Saudi Labor Market Update - 2022
Labor Market reportThe 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.
Oil Market Update - Q1 2023: (Oil markets buffeted by fresh uncertainty)
Oil market reportOil, along with most risk assets, has been buffeted by the turmoil in the US and European banking sectors following the collapse or bailout of a clutch of US banks and the forced takeover of Credit Suisse. Having traded in an $80-90 pb range since the beginning of the year, Brent dropped to $72 pb in late March as the crisis erupted.
