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.
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.
Macroeconomic Update – August 2021: (The Saudi economy: on a very firm footing)
Macroeconomic reportBoth actual and flash estimates of the Kingdom’s GDP published by the General Authority for Statistics (GaStat) have shown strong non-oil sector growth in H1 2021. This combined with our expectation of continued growth in H2, has led us to upgrade our full year 2021 GDP forecast.
The Saudi Economy in 2021
Macroeconomic reportLooking out into 2021, while there is still a considerable degree of uncertainty as a result of the prevalence of COVID-19 and its potential impact on the non-oil economy, we nevertheless expect a broad-based recovery. Our forecast assumes between 15-20 percent of the adult population being vaccinated against COVID-19 by mid-2021, and 70 percent by year end. As such, we see a quarter-on-quarter improvement in the Saudi non-oil economy, with this recovery being more vigorous in the second half of 2021.
