Saudi Arabia Macroeconomic Developments
- The Kingdom’s overall unemployment rate declined to 4.9 percent in the second quarter of this year, a dip of 0.2 percent QoQ. The rate of joblessness among Saudi nationals reached 8.3 percent in the second quarter while the overall unemployment rate decreased by 1.4 percent YoY.
- According to the IMF, Saudi Arabia’s non-oil growth will remain close to 5 percent in 2023, spurred by strong domestic demand despite lower overall growth due to oil production cuts.
- The Ministry of Finance released its pre-budget statement for the fiscal year 2024, projecting total expenditures of SAR1,251 billion ($333.6 billion) and total revenues of SAR1,172 billion ($312.5 billion). The pre-budget calls for a modest deficit at about 1.9 percent of GDP, emphasizing ongoing efforts to enhance spending efficiency, fiscal consolidation, and economic reforms.
