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 Labor Market Update – Q4 2021
Labor Market reportThe 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.
Oil Market Update – Q1 2022: (Elevated oil prices here to stay)
Oil market reportAlthough 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.
The Saudi Economy in 2022
Macroeconomic reportSaudi Arabia’s economy will exhibit strong levels of growth in 2022, as pandemic related uncertainty and volatility seen over the last couple of years diminishes. More specifically, we see overall GDP expanding by 7.7 percent in 2022.
Macroeconomic Update – November 2021: (All is well, but risks remain)
Macroeconomic reportThe Saudi economy is on-track to record a very strong level of growth this year, and we expect this to continue into next year. More specifically, we see the Kingdom’s economy growing by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth.
