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September 2023

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ECONOMY



 

The country’s ongoing economic transformation has allowed it to weather recent fiscal storms, while maintaining high liquidity buffers.


AGRICULTURE



 

A focus on farm investing is vital in achieving the government’s target of achieving food self-sufficiency and economic diversification in the foreseeable future.

OIL



 

Keeping a lid on production throughout 2023 will support prices just as forecast shows worldwide demand for the commodity remains strong.

ESG



 

As well as significant regulatory reforms taken in recent years, the country has several projects in the pipeline geared towards reducing carbon emissions.

 

 

WOMEN POPULATION


 

Authorities are already starting to see the significant benefits of empowering the female population to be active participants in the country’s economic growth.

 

 

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 IN THIS EDITION

Saudi Arabia’s second quarter real gross domestic product (GDP) rose 1.2% compared to the same period last year, according to official data.

Non-oil activities led the way, with a 6.1% increase during the second quarter compared to the same period in 2022. Government activities accelerated 2.3%, although oil activities declined 4.3% in the quarter due to Saudi Arabia’s voluntary production cuts to stabilise the global oil market.

The results of the report showed that the seasonally adjusted real GDP decreased by 0.2% during the second quarter of 2023, versus the first quarter of 2023. The figures built on the growth rate of 8.7% in 2022, the fastest among G20 countries.

Saudi Arabia was also placed first among G20 countries in terms of growth of worker productivity in 2022, which reached 4.9%, according to the International Labor Organization (ILO). The figure represents the highest productivity growth rate achieved by the kingdom, after posting -6.3% in 2019, then 4.4% in 2021, ILO noted.

Saudi Arabia and other global leaders also announced a multinational rail and ports deal linking the Middle East and South Asia via New Delhi.

The agreement aims to bridge ports across two continents and lead to a prosperous and integrated Middle East. The project will also unlock opportunities for clean energy, clean electricity, and laying cable to connect communities.

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