Saudi Arabia Macroeconomic Developments
- The unemployment rate among Saudis was 10.1 percent in Q1 2022, down 1.6 percent YoY, according to the General Authority for Statistics (GAStat). The overall unemployment rate dropped to 6 percent in Q1. The unemployment rate of Saudi women stood at 20.2 percent in Q1, falling by 1 percentage point from last year.
- Saudi Arabia’s non-oil private sector economy continued to strengthen in June as S&P Global’s PMI rose to 57 points from 55.7 points in May. The reading was the highest since October 2021, supported by rising demand and heightened business expectations. Notably, material and fuel price increases drove a 22-month high in cost pressures on private firms operating in the Kingdom.
- Foreign direct investment (FDI) into Saudi Arabia rose 9.5 percent to reach SAR7.4 billion ($2 billion) in Q1 2022, according to the Ministry of Investment. Foreign investment flows in the Kingdom have quadrupled since the launch of Vision 2030, totaling SAR72 billion ($19.2 billion), with the U.S. ranking as the largest sovereign investor.