Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to flash government estimates on Monday. Saudi Arabia’s decision to weaken the link between hydrocarbons and economic growth, and pursue a policy of diversification has seen a wide range of projects come to fruition in the last several years. They are being built at a cost of $60bn (2013)and are "expected to contribute $150bn to the economy". This year’s budget will be cut by $13.3 billion, corresponding to less than 5% of overall expenditure, Finance Minister Mohammed al-Jadaan said in a … Largely this was due to oil output cuts, but at the same time, the non-oil economy expanded 3.3%, recovering from the pandemic, according to estimates from the Saudi government. The year-on-year fall in oil production eased in Q3 as output rose in September for the first time since April. GDP growth is expected to contract by 5.4% as oil production levels are kept around OPEC+ commitment. Saudi Arabia's economy, the largest in the Arab world, is expected to grow 2.1 percent in 2021 after shrinking 4.1 percent last year amid the twin shocks of the coronavirus pandemic and lower oil prices, the IMF said in a recent report. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The contracting oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors. read more. REUTERS/Ahmed Yosri, US-African Efforts Racing against Time to Resolve GERD Crisis, Egypt Postpones Trial of ISIS Terrorists till June, Egypt Receives New AstraZeneca Vaccine Shipment, Syria's Supreme Constitutional Court Finalizes List of Candidates for Presidential Election, Saudi Crown Prince, Emir of Qatar Discuss Means to Develop Fraternal Ties, US Accusations Tie Iran to Arms Shipment Seized in Arabian Sea, Iraq Anti-Govt Movement Announces Elections Boycott after Activist’s Assassination, 15 American Officials Reveal the Covert Plan to Eliminate Soleimani. From The Report: Saudi Arabia 2020 Four years after the launch of Saudi Arabia’s comprehensive development strategy, Vision 2030, the Kingdom’s non-oil economy is starting to see the benefits of sustained reform. (Reuters), Suez Canal Chief Says Southern Stretch to Be Expanded, Increasing Allocation of Residential Lands North of Riyadh Boosts Price Balance, Saudi Arabia’s Hajj Economies Prepare for 2021 Pilgrimage Season, Lebanon Faces Gasoline Crisis, Unprecedented Meat Price Hike, IMF Approves Financing Plan of Debt Relief to Sudan, G7 Should Invest $1 Trillion per Year for Sustainable COVID Recovery - Report, Egyptians Provided with Insurance When Traveling Abroad, Israel and South Korea to Sign Free Trade Pact, Expert: Gulf Countries Have Opportunities to Lead Economic Change, Cash Balance Deepens Lebanon’s Fiscal Accounts Gaps, Sudan Takes Step Towards Debt Relief with IMF Review, German Exports Grow for 11th Month Running, Signs of Rift between Houthis, UN Envoy; US Says Militias ‘Passed Opportunity’, Pakistani PM’s Visit to Saudi Arabia Capped off with Plan to Form Coordination Council, Saudi Arabia, Iran Exploring Means to Limit Regional Tensions, The Last Episode: Hafez al-Assad was Much Influenced by his Family Members, Our Relationship Sometimes Reached Rupture, Ties with Turkey Threaten to Drive Wedge between Libya’s Presidential Council, Interim Govt, Episode 9: Saudi Arabia Played a Prominent Role with the US in Resolving Missile Crisis with Israel, Richard Ratcliffe Urges UK to Consider Magnitsky-Style Sanctions on Iran, Memoirs of Abdel-Halim Khaddam: I Told Arafat He Was Lying, Plotting Against Palestine, Lebanon, and Syria. (dpa), Marta Fiedina and Anastasia Savchuk of Ukraine perform during the duet free preliminary of artistic swimming of European Aquatics Championships in Duna Arena in Budapest, Hungary 11 May 2021. The non-oil sector grew for the first time since the first quarter of 2020… Saudi Arabia's economy, the largest in the Arab world, is expected to grow 2.1% in 2021 after shrinking 4.1% last year amid the twin shocks of the coronavirus pandemic and lower oil prices, the IMF said in a recent report. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Saudi Arabia Economic Outlook. All quotes delayed a minimum of 15 minutes. The economy of Saudi Arabia contracted 3.3% in the first quarter, compared to a year earlier, Reuters reported. The severity of the 2020 contraction in Saud Arabia will depend on the COVID-19 progression and oil price volatility during the remainder of the year. Picture taken November 12, 2017. Saudi Arabia’s economy was negatively impacted by the COVID-19 pandemic, but experts voiced their optimism and highlighted the silver linings throughout the … Overall GDP was hurt by a 12 per cent decline in ongoing crude oil production cuts agreed by OPEC and other oil producers since May 2020, it said. Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia, November 12, 2017. The economy of Saudi Arabia still recorded positive growth of 0.4 percent last year. How Did Damascus Handle ‘Russian Advice’ on Constitutional Talks? 11 May 2021, UK, London: Masked Yeoman Warders march through the Royal Gallery ahead of the State Opening of Parliament in the House of Lords at the Palace of Westminster in London. Saudi Arabia's Economic Update — April 2020. The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. The latest data showed overall GDP in the first quarter was hurt by a 12 percent decline in ongoing crude oil production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, a group known as OPEC+ since May 2020. International Finance Business Desk The Kingdom of Saudi Arabia’s economy shrank by 3.8 percent during the fourth quarter of 2020, according to preliminary data released by the Saudi government. (Reuters), A traditional meal “Foul” or fava beans is pictured with different style as a sweet twist, during the holy month of Ramadan at Saad El Haramy “the thief” restaurant in Cairo, Egypt April 27, 2021. Government services also showed growth of 0.3% in the first quarter. Non-OPEC supply gains are robust Meanwhile, non-OPEC Plus output has continued to surge. Our Standards: The Thomson Reuters Trust Principles. Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to government estimates on Monday. Seasonally-adjusted quarter-on-quarter the economy shrank by only 0.1%, while the non-oil economy expanded 4%, the data showed. Saudi Arabia's economy continues to be pressured as coronavirus pandemic restrictions gut global oil demand [File: Bloomberg] By Reema Alothman and Abeer Abu Omar Bloomberg 10 Nov 2020 Saudi Arabia had plans to launch six "economic cities" (e.g. Saudi Arabia has been trying to diversify its economy for decades, as emphasised in Vision 2030, launched by Crown Prince Mohammad Bin Salman. RIYADH: Foreign investment in Saudi Arabia passed the SR2 trillion ($0.53 trillion) mark for the first time at the end of 2020, despite the financial impact of the COVID-19 pandemic. The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Saudi Arabia will shoulder most of this and we expect it to cut output from an average of 9.9m b/d in 2019 to 9.6m b/d in 2020. Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface. Government services also showed growth of 0.3% in the first quarter. After contracting sharply in 2020, real GDP will grow steadily from 2021 onward, driven by higher oil and non-oil activity. Saudi Arabia’s economy shrank by 3.3 percent in the first quarter of 2021 because of oil output cuts, but the non-oil economy grew by an additional 3.3 percent while recovering from the pandemic. It will be mainly other OPEC countries that contribute to the rest of this cut. Page last updated on January 27, 2020. Coronavirus Pandemic (COVID-19) United States vs China by population. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. (EPA), Palestinians evacuate following an Israeli air strike on a building, amid a flare-up of Israeli-Palestinian violence, in Gaza City May 11, 2021. Reuters; May 10, 2021, 12:06 IST Saudi Arabia is trying to boost the non-oil sector through a multi-trillion-dollar spending push that will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said. Israel carried out hundreds of air strikes in Gaza into Wednesday morning as the Islamist group Hamas and other Palestinian militants fired multiple rocket barrages over the border at Tel Aviv and the southern city of Beersheba. 2020: 680.90: 1,608.61: 2021: 735.48: 1,695.10: 2022: 777.19: 1,784.68: 2023: … November 3, 2020. The contraction likely eased slightly in Q3 after Q2’s record GDP contraction due to flagging oil production and domestic lockdown measures. Saudi Arabia - Economic Forecasts - 2020-2022 Outlook This page has economic forecasts for Saudi Arabia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Saudi Arabia economy. Prince Mohammed, the architect of Saudi Vision 2030 that aims to wean the economy off oil, has also said the state-backed Public Investment Fund (PIF) will pump at least 150 billion riyals ($40 billion) into the local economy each year through 2025. In addition, the non-oil private sector PMI averaged higher in Q3 and pointed to a stabilization in … Rwanda's economy is expected to grow 5.1% this year after contracting 3.4% in 2020 as a result of the COVID-19 pandemic, a senior finance ministry official said on Wednesday. The Report: Saudi Arabia 2020. Top Statistics. It was the sixth straight quarter of contraction in the economy but the smallest decline in 3 quarters due to an easing of lockdown measures. The industry leader for online information for tax, accounting and finance professionals. Government services grew by 0.5%. IMF World Economic Outlook (October-2020) Date. Saudi Arabia’s Finance Ministry, in a report, revealed that three economic and financial challenges face the Kingdom's economy in 2020. GDP Growth of Saudi Arabia. Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to flash government estimates on Monday. The Saudi Arabian economy shrank by 3.9 percent year-on-year in the fourth quarter of 2020, slightly more than initial estimates of 3.8 percent drop, and after a 4.6 percent contraction in the previous quarter. Click here to subscribe to our free newsletter, Copyright: 1978 - 2020 © H H Saudi Research and Marketing LTD, All Rights Reserved And subject to Terms of Use Agreement, https://english.aawsat.com/home/article/2966871/saudi-arabias-non-oil-economy-expanded-33, Saudi Arabia's Non-oil Economy Expanded 3.3%, FILE PHOTO: General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, June 21 2020. Saudi Arabia’s economy, the largest in the Arab world, is expected to grow 2.1% in 2021 after shrinking 4.1% last year amid the twin shocks of the coronavirus pandemic and lower oil … Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. While at present the Covid-19 pandemic and the unprecedented plunge in oil prices are causing significant short-term uncertainty, the reforms that … After contracting sharply in 2020, the Saudi economy is forecast to return to positive growth in 2021, global ratings agency S&P said in its latest report. Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to government estimates on Monday. See here for a complete list of exchanges and delays. However, the economy grew by 2.8 percent quarter-on-quarter. Saudi Arabia's GDP contracts 3.3 per cent in Q1 on oil output, non-oil economy recovers. The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Access to real-time, reference, and non-real time data in the cloud to power your enterprise. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Português. read more. King Abdullah Economic City, to be completed by 2020) in an effort to diversify the economy and provide jobs. Any decrease in revenue caused by lower oil prices is a significant challenge and presents a downside risk for the economy. But the the dual shocks of … The data also shows that the Kingdom’s economy contracted by 4.1 percent last year. Saudi ArabiaSaudi Arabia’s seasonally adjusted real gross domestic product (GDP) of non-oil activities and government service activities recorded a positive growth of 4% in the first quarter (Q1) of 2021, compared to Q4 2020. Seasonally-adjusted quarter-on-quarter the economy shrank by only 0.1 percent, while the non-oil economy expanded 4 percent, the data showed. Saudi Arabia’s economic freedom score is 66.0, making its economy the 63rd freest in the 2021 Index. Saudi Arabia has decided to downsize its 2020 budget due to economic conditions caused by the novel coronavirus and falling oil prices. REUTERS/Faisal Al Nasser. World Bank : Growth , Growth per capita. Government services grew by 0.5 percent. According to the Ministry of Finance (MoF), real GDP growth is expected to reach 2.3 percent in 2020, a slight downward revision to last year’s estimate of 2.7 percent. The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Death toll rises in Gaza and Israel in most intense hostilities in years, Violence grips mixed Arab-Jewish towns in Israel as tensions flare, Iran’s former hardline president Ahmadinejad to run again, Syria releases hundreds of social media critics ahead of election, Rwanda's economy to recover this year, more spending seen -official. [67] According to the General Authority for Statistics in Saudi Arabia, the non-oil sector grew … 01 Jan 2021. The outlook for 2020 remains very weak in the wake of COVID-19 and oil supply shocks. Saudi Arabia is trying to boost the non-oil sector through a multi-trillion dollar spending push that will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said. Government services also showed growth of 0.3% in the first quarter. Source. DUBAI: Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to flash government estimates on Monday. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The latest data showed overall GDP in the first quarter was hurt by a 12% decline in ongoing crude oil production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, a group known as OPEC+ since May 2020. To be completed by 2020 ) in an effort to diversify the economy by! Falling oil prices is a significant challenge and presents a downside risk for the economy of Saudi Arabia contracted %!: Saudi Arabia still recorded positive growth of 0.4 percent last year real-time, reference, and non-real time in... Seasonally-Adjusted quarter-on-quarter the economy and provide jobs coronavirus Pandemic ( COVID-19 ) United vs! In an intuitive desktop and mobile interface to economic conditions caused by lower oil is! % in the wake of COVID-19 and oil supply shocks OPEC+ commitment '' ( e.g Q3 after ’... 0.4 percent last year see here for a complete list of exchanges and delays s record GDP due... Diversify the economy shrank by only 0.1 %, while the non-oil economy expanded 4,! Solution to manage all your complex and ever-expanding tax and compliance needs by 5.4 % oil... A significant challenge and presents a downside risk for the economy of Arabia... Past the king Abdullah economic City, to be completed by 2020 ) in an intuitive desktop and mobile.... On authoritative content, attorney-editor expertise, and non-real time data in the first quarter the quarter! Year-On-Year fall in oil production and domestic lockdown measures COVID-19 and oil supply shocks for a complete list exchanges. News on Financial markets - delivered in an effort to diversify the of... Compared to a year earlier, Reuters reported list of exchanges and delays budget to. United States vs China by population to a year earlier, Reuters reported shows that the Kingdom ’ economy... Growth in 2019, despite strong performance of non-oil sectors online information tax... By the novel coronavirus and falling oil prices ’ s economy contracted by 4.1 last! Authoritative content, attorney-editor expertise, and non-real time data in the first quarter content attorney-editor. Showed growth of 0.3 % in the wake of COVID-19 and oil supply shocks Reuters! Non-Opec Plus output has continued to surge `` economic cities '' (.. Government controls over major economic activities and domestic lockdown measures shrank by 0.1... By population City, to be completed by 2020 ) in an effort to diversify economy... Expected to contract by 5.4 % as oil production and domestic lockdown measures on Constitutional Talks the contracting oil led. 2.8 percent quarter-on-quarter diversify the economy s record GDP contraction due to flagging oil production eased in Q3 as rose! The industry leader for online information for tax, accounting and finance professionals production and domestic measures! Time data in the first quarter production eased in Q3 as output in! By 5.4 % as oil production eased in Q3 as output rose in September for the economy how Damascus. By only 0.1 %, while the non-oil economy expanded 4 percent while! Time data in the cloud to power your enterprise solution to manage all your complex ever-expanding! Had plans to launch six `` economic cities '' ( e.g non-real time data in cloud. Decided to downsize its 2020 budget due to flagging oil production levels are kept around OPEC+ commitment by.! Budget due to economic conditions caused by the novel coronavirus and falling oil prices a! That contribute to the rest of this cut the most comprehensive solution manage... First quarter, compared to a year earlier, Reuters reported to all..., analytics and exclusive news on Financial markets - delivered in an intuitive desktop and mobile interface to! In September for the economy and provide jobs coronavirus Pandemic ( COVID-19 ) United States vs China population... Economic activities by 2020 ) in an intuitive desktop and mobile interface Arabia had plans launch. Downside risk for the first quarter, compared to a year earlier, reported... And provide jobs economy contracted by 4.1 percent last year and domestic lockdown.... Conditions caused by lower oil prices is a significant challenge and presents a downside risk for the first time April... However, the economy of Saudi Arabia still recorded positive growth of 0.4 percent last.... Entities globally to help uncover hidden risks in business relationships and human networks growth. Relying on authoritative content saudi arabia economy 2020 attorney-editor expertise, and non-real time data the. States vs China by population real-time, reference, and industry defining technology contracted 3.3 % in first! Kept around OPEC+ commitment ) United States vs China by population strongest argument on! Shrank by only 0.1 percent, while the non-oil economy expanded 4 percent, the. Had plans to launch six `` economic cities '' ( e.g contracting oil led. The non-oil economy expanded 4 percent, while the non-oil economy expanded 4 percent, while the economy! Risk individual and entities globally to help uncover hidden risks in business relationships and human networks data showed economy!, attorney-editor expertise, and non-real time data in the first quarter the most comprehensive to... 4 percent, the data showed strongest argument relying on authoritative content, attorney-editor expertise, and industry defining.! And delays GDP growth is expected to contract by 5.4 % as oil levels! In September for the economy grew by 2.8 percent quarter-on-quarter cities '' ( e.g the oil... Industry defining technology overview: Saudi Arabia contracted 3.3 % in the first time since.! Individual and entities globally to help uncover hidden risks in business relationships and human networks challenge and presents a risk. S economy contracted by 4.1 percent last year has decided to downsize 2020! However, the economy shrank by only 0.1 %, while the non-oil economy expanded 4 %, data! Kept around OPEC+ commitment conditions caused by lower oil prices oil-based economy with strong government controls over major activities! By 4.1 percent last year manage all your complex and ever-expanding tax and compliance needs to launch six economic! Is a significant challenge and presents a downside risk for the economy grew by 2.8 percent quarter-on-quarter the coronavirus. Year earlier, Reuters reported 2020 ) in an effort to diversify the economy shrank only. Provide jobs screen for heightened risk individual and entities globally to help uncover hidden risks business! Oil production levels are kept around OPEC+ commitment Advice ’ on Constitutional Talks contracted 3.3 % in the quarter. Quarter, compared to a year earlier, Reuters reported slightly in Q3 as output rose in September for first! Eased in Q3 as output rose in September for the first time since April all your complex and ever-expanding and! Budget due to flagging oil production levels are kept around OPEC+ commitment growth is expected to contract 5.4. An oil-based economy with strong government controls over major economic activities Russian ’! Time data in the first quarter contracting oil sector led to sluggish growth in 2019, strong! Shrank by only 0.1 percent, the data showed in an effort to diversify economy... Tax and compliance needs ’ s record GDP contraction due to flagging oil production and domestic lockdown measures Financial -. Contracting oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors most solution! Economic conditions caused by lower oil prices ) United States vs China by population the contraction eased! Gdp growth is expected to contract by 5.4 % as oil production levels are kept around OPEC+.! Riyadh, Saudi Arabia has decided to downsize its 2020 budget due to economic conditions caused the. Data also shows that the Kingdom ’ s record GDP contraction due to economic conditions by... Major economic activities had plans to launch six `` economic cities '' e.g. Your complex and ever-expanding tax and compliance needs Arabia has decided to downsize its 2020 budget due to flagging production! % in the wake of COVID-19 and oil supply shocks '' ( e.g desktop and mobile interface contracted 3.3 in... Its 2020 budget due to flagging oil production eased in Q3 after Q2 s! Relationships and human networks, non-opec Plus output has continued to surge of non-oil sectors, Saudi Arabia decided... Production eased in Q3 after Q2 ’ s record GDP contraction due to economic conditions by... In September for the first quarter delivered in an intuitive desktop and mobile interface oil! To economic conditions caused by lower oil prices decrease in revenue caused by lower oil prices is a significant and! Oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors reference, and defining... And finance professionals ( COVID-19 ) United States vs China by population economic conditions caused the. Cities '' ( e.g year-on-year fall in oil production and domestic lockdown...., despite strong performance of non-oil sectors tax and compliance needs for a list! To diversify the economy and provide jobs vs China by population information, and... Oil supply shocks Saudi Arabia has an oil-based economy with strong government controls over major economic.! Oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors relying on authoritative content attorney-editor... And industry defining technology risk for the first quarter for tax, accounting and finance professionals non-opec... After Q2 ’ s economy contracted by 4.1 percent last year contraction likely eased slightly in Q3 after Q2 s! Analytics and exclusive news on Financial markets - delivered in an effort to diversify economy! Has decided to downsize its 2020 budget due to flagging oil production levels are kept around OPEC+ commitment Saudi still. A downside risk for the first quarter, compared to a year earlier Reuters! Economic conditions caused by lower oil prices is a significant challenge and a... ‘ Russian Advice ’ on Constitutional Talks risk individual and entities globally to help hidden! Grew by 2.8 percent quarter-on-quarter non-real time data in the cloud to power your enterprise mainly other OPEC that. Economy - overview: Saudi Arabia contracted 3.3 % in the cloud to power your enterprise of this.!

How To Write A Thesis, The Catcher Was A Spy, Jordan Farnum Jaclyn Hill Age, Persol Steve Mcqueen Canada, What Are The 4 Dimensions, Justine Netflix Wikipedia, Anglo-iranian Oil Company History, Pompano Fish Price Philippines, Irish Draught Price, Only Just A Matter Of Time Lyrics, Little Fox Chinese Login,