Middle East & North Africa Data Response Saudi Consumer Prices (Sep.) Saudi inflation dropped back to 5.7% y/y in September as food inflation eased and schools slashed tuition fees ahead of the new academic year. While the effects of July’s VAT hike will keep inflation... 15th October 2020 · 2 mins read
Middle East & North Africa Data Response Saudi Arabia GDP (Q2) Saudi Arabia’s economy contracted by 7.0% y/y in Q2 on the back of the virus containment measures and oil production cuts. And even though containment measures have started to be lifted, the... 30th September 2020 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Sep.) OPEC’s oil production rose sharply in August on the back of higher output quotas. However, if concerns persist about global oil demand, which was discussed at length at yesterday’s JMMC meeting, then... 18th September 2020 · 3 mins read
Middle East & North Africa Economics Update Saudi consumer resilience unlikely to last Consumer spending in Saudi Arabia seems to have bounced back quickly in recent months, but the steep VAT hike and the suspension of the Cost of Living Allowance means that this is unlikely to be... 16th September 2020 · 3 mins read
Middle East & North Africa Data Response Saudi Consumer Prices (Aug.) Saudi inflation edged up to 6.2% y/y in August as the effects of the VAT hike at the start of July continued to dominate. Inflation will remain elevated until the middle of next year and, combined... 15th September 2020 · 2 mins read
Middle East & North Africa Economics Update Saudi recovery stutters Saudi Arabia’s economic recovery has faltered in recent months and the backdrop of fiscal austerity, the partial suspension of pilgrimages and oil production cuts mean that it is likely to remain slow... 7th September 2020 · 2 mins read
Middle East & North Africa Data Response Whole Economy PMIs (Aug.) August’s whole economy PMIs from across the Middle East and North Africa all fell adding to the signs that activity in the region has plateaued amid fiscal austerity and continued virus containment... 3rd September 2020 · 3 mins read
Middle East & North Africa Data Response Saudi Consumer Prices (Jul.) Saudi inflation jumped to 6.1% y/y in July on the back of the tripling of the VAT rate from 5% to 15% and we expect it to hover around this level over the next twelve months. This, combined with the... 17th August 2020 · 3 mins read
Middle East & North Africa Economics Update Saudi budget deficit to narrow, debt to rise Saudi Arabia’s budget deficit will narrow over the coming years as oil prices recover and the government ploughs ahead with austerity. But debt will rise further, reaching close to 40% of GDP by end... 13th August 2020 · 2 mins read
Middle East & North Africa Economics Update Oil output cuts, austerity to hold back Saudi recovery The Saudi economy has embarked on a recovery in the past couple of months, but fiscal austerity and oil production cuts, as well as the ongoing suspension of pilgrimages, mean that it is likely to be... 30th July 2020 · 2 mins read
Middle East & North Africa Economics Update The future of Saudi Arabia’s oil policy Saudi Arabia has grown increasingly frustrated with other oil producers’ failure to comply with the OPEC+ oil output cuts and, while we think that the current deal will remain intact for now, the risk... 23rd July 2020 · 4 mins read
Middle East & North Africa Data Response Saudi Consumer Prices (Jun.) Saudi inflation eased to its lowest level this year in June as weak demand dampened underlying price pressures and fuel inflation dropped further. But this is likely to mark the low-point and the... 15th July 2020 · 2 mins read
Middle East & North Africa Economics Update Saudi past the worst but austerity will hinder recovery The Saudi economy contracted by 1% y/y in Q1 and the figures from Q2 point to an even sharper downturn in Q2 due to the coronavirus crisis. The lifting of the lockdown this month is helping to support... 30th June 2020 · 3 mins read
Middle East & North Africa Data Response Saudi Consumer Prices (May) Saudi inflation edged down to 1.1% y/y last month as a further jump in food inflation was more than offset by weaker price pressures in other major categories. But the hike in the VAT rate means that... 24th June 2020 · 3 mins read
Middle East & North Africa Economics Update Saudi inflation and the impact of the VAT hike The tripling of the VAT rate from July will cause inflation in Saudi Arabia to jump, but the impact may be relatively less severe than it was when VAT was first introduced at the start of 2018. That... 10th June 2020 · 3 mins read
Middle East & North Africa Economics Update Saudi: Q2 collapse to be followed by weak recovery Our GDP Tracker suggests that the Saudi economy held up relatively well in Q1, but more timely low-profile data point to a collapse in activity in Q2. And, as lockdown measures are eased, the onset of... 1st June 2020 · 3 mins read
