World Bank : Growth , Growth per capita. Saudi Arabia’s Finance Ministry, in a report, revealed that three economic and financial challenges face the Kingdom's economy in 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. The industry leader for online information for tax, accounting and finance professionals. GDP Growth of Saudi Arabia. The year-on-year fall in oil production eased in Q3 as output rose in September for the first time since April. Government services grew by 0.5%. 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 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. 2020: 680.90: 1,608.61: 2021: 735.48: 1,695.10: 2022: 777.19: 1,784.68: 2023: … 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 has decided to downsize its 2020 budget due to economic conditions caused by the novel coronavirus and falling oil prices. Saudi Arabia’s economy was negatively impacted by the COVID-19 pandemic, but experts voiced their optimism and highlighted the silver linings throughout the … 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. November 3, 2020. Non-OPEC supply gains are robust Meanwhile, non-OPEC Plus output has continued to surge. 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. 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. They are being built at a cost of $60bn (2013)and are "expected to contribute $150bn to the economy". Saudi Arabia's Economic Update — April 2020. 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. 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. But the the dual shocks of … Source. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reuters; May 10, 2021, 12:06 IST The economy of Saudi Arabia still recorded positive growth of 0.4 percent last year. 01 Jan 2021. Saudi Arabia Economic Outlook. Access to real-time, reference, and non-real time data in the cloud to power your enterprise. King Abdullah Economic City, to be completed by 2020) in an effort to diversify the economy and provide jobs. 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. 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. 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. Português. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. read more. Government services also showed growth of 0.3% in the first quarter. The outlook for 2020 remains very weak in the wake of COVID-19 and oil supply shocks. 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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. Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface. The Report: Saudi Arabia 2020. The economy of Saudi Arabia contracted 3.3% in the first quarter, compared to a year earlier, Reuters reported. read more. 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. Page last updated on January 27, 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. 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. Saudi Arabia has been trying to diversify its economy for decades, as emphasised in Vision 2030, launched by Crown Prince Mohammad Bin Salman. It will be mainly other OPEC countries that contribute to the rest of this cut. 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. Our Standards: The Thomson Reuters Trust Principles. All quotes delayed a minimum of 15 minutes. Any decrease in revenue caused by lower oil prices is a significant challenge and presents a downside risk for the economy. 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. REUTERS/Faisal Al Nasser. 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 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 contraction likely eased slightly in Q3 after Q2’s record GDP contraction due to flagging oil production and domestic lockdown measures. After contracting sharply in 2020, real GDP will grow steadily from 2021 onward, driven by higher oil and non-oil activity. IMF World Economic Outlook (October-2020) Date. 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. Saudi Arabia's GDP contracts 3.3 per cent in Q1 on oil output, non-oil economy recovers. 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. 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. While at present the Covid-19 pandemic and the unprecedented plunge in oil prices are causing significant short-term uncertainty, the reforms that … Saudi Arabia’s economic freedom score is 66.0, making its economy the 63rd freest in the 2021 Index. 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. The contracting oil sector led to sluggish growth in 2019, despite strong performance of non-oil sectors. 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. Coronavirus Pandemic (COVID-19) United States vs China by population. Saudi Arabia had plans to launch six "economic cities" (e.g. How Did Damascus Handle ‘Russian Advice’ on Constitutional Talks? (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. 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. According to the General Authority for Statistics in Saudi Arabia, the non-oil sector grew … The non-oil sector grew for the first time since the first quarter of 2020… (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. 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 … Seasonally-adjusted quarter-on-quarter the economy shrank by only 0.1%, while the non-oil economy expanded 4%, the data showed. Government services also showed growth of 0.3% in the first quarter. 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. 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. The first quarter, compared to a year earlier, Reuters reported tax and compliance needs argument on. 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