Your browser is out of date

The browser you are using is outdated and may not display all the features of this website correctly. For the best online experience on sabb.com and improved safety features, we recommend that you update to the latest version of the browser.

Update your browser Skip and continue

November 2022

    • fb share Facebook
    • share twitter Twitter
    • share mail Email
  • Print Print

ECONOMIC TRENDS

 

The country has shown no signs of letting up in Q3 2022, with the upward trajectory expected to be sustained for the rest of the year.

COP27

 

From planting over 600 million trees and developing clean hydrogen to building carbon capture and storage hubs, the country says it is on track to meet its targets for a greener future.

RENEWABLE ENERGY

 

Three wind farms and two solar plants with a combined capacity of 3,300MW will put the country closer to realising its plan of increasing renewables’ share in the energy mix.

FINANCIAL SECTOR

 

A programme dedicated to developing the sector has already made significant strides in putting the kingdom’s financial services industry on the world map.

TOURISM

 

The kingdom has taken a major step toward promoting emissions-free mobility by purchasing all-electric vertical take-off and landing jets.

PDF Version



 IN THIS EDITION

Saudi Arabia’s economic indicators point to strong growth across the board, and is lifting the prospects of job creation in the wider economy.

Industrial production in the kingdom, for example, expanded 15.7% year on year in September, suggesting strong manufacturing growth. 

The industrial production index’s surge was credited to higher oil production, which rose to 11 million barrels per day during the month, lifting mining and quarrying sub-index by 14.2%, according to the General Authority for Statistics (GASTAT).

In addition, merchandise exports rose 49.1% in August 2022 compared to the same period last year, GASTAT added. Exports reached SAR 133.7 billion during the month, up from SAR 89.7 billion in August 2021. Oil exports led the gains, rising 60.2% to SAR 40.2 billion, while non-oil exports (including re-exports) jumped 16.6% year on year to reach SAR 26.8 billion.

Among non-oil export goods, chemical and allied industries products soared 24.1% to SAR 1.8 billion, as the petrochemical sector also picked up momentum 

The all-round economic growth is leading to strong job creation. 

The labour force participation rate of Saudis rose 1.7 percentage points (pp) to 51.8%, while employment-to-population ratio increased 1.7 pp to stand at 46.8% as against last year. Both genders benefited from economic growth, according to GASTAT.

Male unemployment declined to 4.7%, which coincided with both an expansion of labour market participation and employment growth, while participation rate went up 1.5 pp to 67.5% and the employment-to-population ratio increased by 1.6 pp to 64.3%.

Saudi women also saw strong employment growth, with their unemployment rate shrinking 0.9 pp in the second quarter compared to the first quarter. Their participation rate was up 1.9 pp reaching 35.6%, while the employment-topopulation ratio rose 1.9 pp to 28.7%.

Saudi men and women can expect to see another spurt in job growth with the FIFA World Cup in Qatar lifting the tourism and hospitality sector in the kingdom. Saudi Arabia’s participation in the football World Cup and strong interest in the sport should be a boon for an economy that is already on track to be among the fastest growing in the world.
DISCLAIMER