Growth is expected to accelerate to 7% in 2022 before leveling out at 3.8% and 3.0% in 2023 and 2024, respectively. Tax revenues are expected to represent 27% of total revenues in 2022. In 2023, the panel sees economic growth at 3.6%. It features eight key economic transformation targets translated into very specific objectives. Saudi Arabia - GDP Data That is why we must start an initiative to confront these consequences of climate change - Jordan pledges to abide by and take all measures for comprehensive solutions and to ensure green growth while implementing our national ambitions, he said. The International Monetary Fund expects the kingdoms economy to grow 4.8 per cent. The kingdom will outpace the dynamic Asian giants of China, India, Indonesia, South Korea and Taiwan, grow much faster than the struggling major economies in western Europe and North America, and leave other large emerging economies in its wake. Prepared by the OECD Economics Department, the Outlook puts forward a consistent set of projections for output, employment, government spending, prices and current balances based on a review of each member country and of the induced effect on each of them on . Saudi Arabia's economy was still projected to grow by 7.6% this year, which the IMF said would likely be one of the fastest growth rates in the world, helped by strong oil demand and 4.2% expected . Article tags The Saudi economy is forecast to grow 7.7% in 2022, according to Jadwa Investment. The SGI, which was announced by Crown Prince Mohammed bin Salman last year, launched the second edition of the forum at COP27, with a large pavilion dedicated to the Kingdoms pioneering climate efforts. One indication of Saudi Arabia's declining standard of living are falling vehicle sales, which having skidded off a cliff since the last big oil price drop in 2015, when there were 800,000 car . RIYADH:In a step thatcould open up newpossibilities forplasticrecycling,Saudi AramcoTotalEnergiesRefining and Petrochemical Co.has introduced apioneering processthatenableschemical recyclingof plasticwaste-derived oil as a feedstock to the refinery. Listed below are items related to Saudi Arabia. The world's largest oil exporter, Saudi Arabia's economy is forecast to grow 7.4 per cent in 2022, after growing by 2.9 per cent this year. The UN estimates the July 1, 2022 population at 36,408,820. Twitter The Kingdom, the Arab world's largest economy and world-leading exporter of crude oil, is forecast to grow 7.6 percent after expanding 3.2 percent last year. Client Log In, Facebook Archieis an interactive tool that tracks every drop of oil produced throughout the whole world from its source to its destination market and estimates the life cycle carbon intensity at any point in the oil supply chain. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Marcopolis presents the Saudi Arabia Report focused on key sectors in the Saudi Arabian economy. Inflation edged up to 3.0% in August from Julys 2.7%. Regarding overall GDP, sequential growth is likely to remain robust in Q3, though year-on-year growth will be dented by a tougher base effect. According to Moodys report, the Kingdoms GDPwill grow at an average rate of 5 percent in the period 2021-2023. Start Date. USD. The non-oil sector is expected to continue its trajectory for growth, estimated at 4% in 2022 and 3.2% in the medium-term. Click on the button below to get started. With the support and lower cost of capital, these nations could leapfrog the energy systems of the past, she said. 82.5. He said theKingdomsmoves to achievethe three targets of the SGI will start by reducing emissions by 278milliontonsper annumby 2030. This coupled with Saudi Arabia's solid policy response during the Covid-19 pandemic will provide for a vibrant economic outlook until mid-2023. The uptick in the Consumer Price Index is driven by a rise in food and beverage prices, which surged four percent in August. Economic fallout on the oil markets from the war in Ukraine has strengthened Saudi Arabia's medium-term fiscal and external outlooks. A recent data released by the General Authority for Statistics revealed that Saudi Arabias annual inflation rate accelerated to 3 percent in August, up from 2.7 percent in July. Jana Salloum Farida El-Gazzar Nirmal Narayanan. The sovereign wealth fund, known as the Public Investment Fund (PIF), will stimulate growth in the construction sector as a result of progress on mega-projects and support national development via capital injections of 150bn riyals annually, it said. Advertisement Al-Ghamdirevealed that theircross-functional technical teams worked collaboratively to evaluate and de-risk the new processing route for this sustainable feedstock. Saudi Arabia itself, technically the Kingdom of Saudi Arabia, borders most of the Arabian Peninsula, having a landmass of about 2,150,500 square kilometres. S&P added that inflation in Saudi Arabia is relatively low in comparison to its counterparts, and it is likely to remain under control as the government subsidizes fuel and food prices, along withtying the local currency with the relatively-strong US dollar. Looking ahead to 2023, the Saudi economy is forecast to grow 3.1 per cent as oil GDP rises 2 per cent a year, according to Jadwa. Meanwhile, Ahmed Al-Nafie, from the Ministry of Energys Liquid Displacement Program, said the circular carbon economy initiative aimed to achieve the optimal energy mix in the Kingdom, with 50 percent gas and 50 percent renewables. Greek Prime MinisterKyriakos Mitsotakissaid he hopesto have sufficient energy transfer not onlyforthe region, but for export intoEurope. He said that the main factors affecting climate changing are the industrial pollution, and that operational procedures are very important and must have agreed upon procedures to assure cooperation. It reported a profit of SR31.4 million ($8.3 million) in. The main objective of this initiative is to reduce carbon emissions, avail new power sources, and enhance the Kingdoms economy, he added. During the meeting, Iraq President Abdul Latif Rashid said the time has come to take action and implement. The exhibition will be held concurrently with the International Contracting Conference at the Riyadh International Convention and Exhibition Center from Nov. 14 to 17. This years COP made a promising start on Sunday as countries agreed to include the issue of loss and damage in its formal main agenda for the first time ever. The IMF Lists KSA in The Top 20 of GDP Out Of 196 Countries For 2020-2027- Thanks to Wikipedia. The government's oil revenue will total 710bn riyals, which, combined with non-oil revenue of about 365bn riyals, will result in total government revenue of 1.07 trillion riyals in 2022. World Economic Outlook; Global Financial Stability Report; Fiscal Monitor; . The adoption of the agenda item is just one step. GDP growth is expected to gain further momentum in 2022, with 2025 growth to close at 2.5%. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Saudi Arabia Economy Data Sample Report Speaking ata gathering of the group on the sidelines of the UNs Climate Change Conference inSharmEl-Sheikh,Abdel Fattah El-Sisisaid the scientific community was playing a key role in the initiative something that marked it out from other organizations. After registering a stronger-than-expected recovery in 2021, the Saudi Arabian economy is on an accelerated path to growth in 2022, driven by higher oil prices and non-oil activities, as oil production strengthens and pandemic pressures fade. S&P alsoupdated its outlook for Saudi Arabia to positive, andassessed the Kingdoms short and long-term foreign and local currency sovereign credit ratings to A-/A-2, Saudi Press Agency reported. SINGAPORE: Top oil exporter Saudi Arabia may cut the prices of most crude grades to Asia in December as weaker-than-expected fuel consumption in . Real GDP growth is expected to reach 7.5% in 2022, which would be the kingdoms fastest rate of growth since 2011 and place it at the top of the economic growth chart for the worlds 20 largest economies (measured in US dollars at purchasing power parity). Country News; At a Glance; . Saudi Arabia has embarked upon an unprecedented reform agenda known as Vision 2030, which aims to create a dynamic, diverse and sustainable economy. Further to the upgraded ratings, the International Monetary Fund in April also raised its growth projection for Saudi Arabia by 2.8 percent to 7.6 percent in 2022. Economy, trade and investment ministers presented their ideas and strategies to adapt to the current global situation at the FII forum in Riyadh. A multiyear underinvestment in hydrocarbon exploration and production investment will mean that the output of many oil producers will probably decline. Earlier in June, credit rating agency Moodys Investors Service had affirmed Saudi Arabias rating at A1 with a stable outlook, primarily driven by the governments fiscal policy effectiveness. Nature is losing its patience with us. In 2021, there were 20 public listings of Saudi companies (9 on Tadawul and 11 on Nomu). Non-oil sector growth also remains strong, with robust services growth as the economy continues to rebound after the pandemic. Saudi Chartbook - November 2022 2022-10-31 Monthly chartbook. Saudi Arabia is the most positive on its country's economic outlook with 93 percent rating it as good, according to the Ipsos Global Consumer Confidence survey. This . Despite headwinds from tighter fiscal and monetary policies in the medium-term, stronger private consumption is anticipated, as well as an increase in religious tourism and higher domestic capital spendingsignaled through the PIF and other state agencies. KSA Real Estate Report 2022 Outlook . The current population of Saudi Arabia is 36,436,534 based on projections of the latest United Nations data. Saudi Arabia expects 2022 budget surplus after years of deficit Riyadh estimates it will achieve a surplus of 90 billion riyals ($23.99 bn), or 2.5 percent of GDP, next year. After expanding at the fastest pace in more than a decade during Q1, the economy is likely to remain at full throttle in Q2. The certificate holders need tomakesurecontinuous improvementin theinitiativeswhileensuringthatcompliance with local, regional, and international lawsis done. Watch on. Many African countries are in the sunshine, wind, rivers and forests. Saudi Chartbook - November 2022 . Indeed, in the first three months of 2022 GDP expanded by 9.9% year-on-year, and 2.6% quarter-on-quarter. Saudi Arabia will be the world's fastest-growing major economy in 2022, outperforming the dynamic Asian giants of China, India, Indonesia and South Korea, as well as the struggling G7 and other major emerging economies. We must act today, not tomorrow. Saudi Arabia has implemented a wide range of reforms to help to improve the business environment, attract foreign investment and boost private-sector participation in driving the economy and supporting the labour market. Other predictions also expect the Arab world's biggest economy to grow strongly this year. We forecast Saudi Arabia's real GDP will grow by a robust 7.5% in 2022 (up from our previous forecast of 7.4%), before leveling off at an average 2.5% per year over 2023-2025 (down from 2.7%). EIU Viewpoint provides unmatched global insights covering the political and economic outlook for nearly 200 countries, helping organisations identify prospective opportunities and potential risks. Saudi Arabia's economic momentum is expected to continue well into 2022 on back of expected increase in oil production. GDP growth is expected to gain further momentum in 2022, with 2025 growth to close at 2.5%. As a result, we see Covid-19 presenting limited risks to the Saudi economy going forward, the report said. Our revolutionary technology changes the way individuals and organizations discover, visualize, model, and present their data and the world's data to facilitate better decisions and better outcomes. variste Ndayishimiye, president of Burundi,also stressed the vitality of funding African nations to accelerate the energy transition. This webinar will address the report in the context of the impact of the Covid-19 pandemic on the Saudi economy and assess the government's policy response. S&P noted that the Saudi economys productive capacity is expected to grow in the long run, as a result of developing the general finances and significant economic reforms. He added: This makes it a unique platform dedicated to the construction sector that will provide innumerable opportunities and business prospects for investors and trade buyers to secure the best technologies for their needs.. Jadwa Investment said in a research note that it expects the kingdom's economy to grow by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth. This will translate into higher demand for Saudi crude oil despite mild yearly declines in overall global oil demand next year, the report said. Saudi Arabia is expected to register a fiscal surplus of 120 billion Saudi riyals ($32bn), equal to 3.4 per cent of the GDP, as expenditure is expected to decline 6 per cent a year to 955bn riyals, Jadwa said. Globally, Saudi Arabia continues to assume its pivotal role, under the OPEC+ structure, in resolving oil market imbalances through monthly oil production cuts of 0.4 mbpd, which started in July 2021. As African nations want developed countries to agree at COP27 to launch a funding facility, dedicated to loss and damage, Austrian President Alexander Van der Bellen said that it will increase its budget for international climate finance. Significantly, Saudi Arabia . They are increasing daily and foretelling a catastrophe in the future. For 2023, panelists expect the economy to expand 3.6%. The International Monetary Fund (IMF) raised its 2022 forecast for Saudi Arabia, suggesting that the Kingdom's economy is set to grow by more than two-fold amid a record-high surge in oil prices . The EMME-CCI was launched in 2019 after being instigated by Cyprus, and El-Sisi said the region has witnessed severe climatic events in recent years, from forest fires to floods and torrential rains, which resulted in many human and financial losses. SATORP Vice President and Chief Transformation Officer Mohammed Al-Ghamdisaid,SATORP is well positioned to be a part of the solution in our regions sustainability journey. Multilateral support is out of reach for a majority of the worlds population due to lending policies and conditionality. Al-Abdulkarim added that their main aim was to showcase the initiatives and ambitions of the Kingdom, but was unfortunately only able to present a few as there are too many. In terms of the non-oil sector, the continued unveiling of initiatives under the Vision 2030 plan will help to drive growth in 2023, it said. S&P report noted that the surplusin the Kingdoms state budget is expected to be about6.3 percent in 2022. Obtaining an ISCC+ certification provides traceability along the supply chain and verifies that companies adhere to environmental and social standards, the release added. Saudi Arabias 2022 GDP to growat highest rate in 10 years: S&P, Aramco-Total JV SATORPpioneersMENAs firstplastic waste-to-feedstock process, COP27: African leaders urge funding and technical support to achieve climate goals, Saudibuildingexhibitionto hostover 550 international firmsin Riyadh, Egyptian president calls for leaders to coordinate climate changepolicieswith NGOsatEMME-CCI, Saudi Arabia presents66 initiatives to tackle climate change at COP27 in Egypt, China COVID-19 cases at six-month high despite grinding lockdowns, Saudi Arabia reports 130 new COVID-19 cases, 1 death, China posts six-month high COVID-19 count as it sticks with strategy, Tiffany Trump to tie the knot with Lebanese fiance Michael Boulos in Florida this weekend, Top triathletes set to race in world finals in Abu Dhabi, Black Panther stars look to honor Chadwick Boseman with sequel, Officials: US aid worker shot dead in Baghdad in rare attack, Novak Djokovic leads strong line-up of players, teams for World Tennis League in Dubai, Four Saudi golf courses get world sustainability certification, IMF raises Saudi economy growth forecast for 2023 to 3.7%, Aramco-Total JV SATORP names Abdullah Al-Suwailem as CEO, Aramco-Total JV SATORP swings to $1.2bn profit on strong first-half sales, Saudi Arabia commits $2.5bn to Middle East green initiative: Crown Prince, COP27: UAE and Egypt agree to build one of worlds biggest wind farms, Former Spanish king renews bid for immunity in UK harassment case, Saudi Arabia hosts 33 Basketball World Tour Nov. 11-12, UN chief issues stark warning, Arab leaders pledge commitment to climate goals on opening day of COP27, How Saudi Arabia is laying the groundwork for an environmentally sustainable future, With electric buses and solar-power installations, Egypts Sharm El-Sheikh goes green for COP27. SATORPs innovative circular business model allows plastic waste-derived oil to be integrated into its refinerys processing units and converted into raw material intermediates for the petrochemical industry. Expensive imported commodities will add to price pressures, but consumer price inflation will remain contained by price caps and subsidies, and as the Saudi Central Bank tightens monetary policy in line with the Federal Reserve (the US central bank) to help to protect the exchange-rate peg to the US dollar. Saudi Arabia's direct trade with Russia and Ukraine is limited. Saudi Arabia led the Middle East and Central Asia in the IMF's World Economic Outlook growth projections for 2022 and 2023. Any new COVID-19 variants, tighter global financial conditions, and volatile oil prices are key risks. In July of 2022, SATORP obtained the International Sustainability & Carbon Certification Plus credential, which represents an important milestone in testing the value chain of integrating plastic waste-derived oil into refinery processes. 84. My Cart One of the important issues that directly relates to us, and that we aspire to further cooperation in this regard as wellwe spoke with Abdel Fattah El-Sisi about energy projects to ensure a more efficient energy transfer, not only for use in the region, but for export to the European market, said Mitsotakis. The World Bank Group works in every major area of development. It will take time to implement and secure the required finance - there are direct and indirect factors affecting climate, such as increase in population, it affects directly the climate changing, said Rashid. This certification makes SATORP the first refinery in the Middle East and North Africa to be certified for recycling plastic waste. His words were echoed by other leaders from the region, who spoke of the impact climate change is already having ontheir countries. Cypriot Minister of Agriculture NicosKouyialissaid that the Middle East region has been classified by the scientific community as a global climate change hotspot, and coordinated action is necessary. Several national entitieswere involved in the event, including the Ministry of Environment, Water and Agriculture, the National Center for Vegetation CoverDevelopmentand Combatting Desertification, the National Center for Wildlife, Saudi Aramco,andSABIC, allunder the umbrella of the Ministry of Energy. Saudi Arabia will be the fastest growing of the worlds largest economies in 2022. This unprecedented demand for IPOs in Saudi is fueled by investors' confidence in the long-term economic growth, transformation plans, and shareholders' appetite to attain listing gains. Saudi Arabia Cosmetics Reports: Our 2022 Saudi Arabia report include trends, statistics, opportunities, sales data, market share, segmentation projections on the Cosmetics market. Speaking on the first day ofCOP27,MinoucheShafik, director of the London School of Economics, said Africa has all the potential to become a renewable energy powerhouseif rich nations help the continent in the global battle against climate change. GBO Correspondent. To support this, Saudi Arabia has been making changes to its domestic structure and policy frameworks, a result of the implementation of the Kingdom's long-term socio-economic development plan, Vision 2030. EconomyForecastingSaudi ArabiaCountry Analysis. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. The OPEC oil basket traded at USD 95.3 per barrel on average in September, down 6.5% from the prior month. Follow @arabnews. Al-HanoufAl-Abdulkarim, an engineer from the energy ecosystem within the Kingdom, said one of the main aims was to reduce emissionsthrough thecircular carbon economy with different initiatives and projects to meet the ambitious SGI targets. The OECD Economic Outlook is the OECD's twice-yearly analysis of the major global economic trends and prospects for the next two years. Zoom Webinar. Request This Report. KSA's GDP has risen by 9.6% in the first quarter of 2022, and it will grow the fastest ever since 1973. Article tags Saudi Arabia seeks to diversify its economy away from oil, and always encourages investment in the non-oil sector, according to Bloomberg. . JEDDAH:Policies to fightglobal warmingmust be coordinated with non-governmental organizations, Egypts president has insisted at the latest meeting of theEastern Mediterranean and Middle East Climate Change Initiative. Unsurprisingly, the current-account balance will post an enormous surplus of about US$163bn (up from US$44bn in 2021), which will contribute to the rebuilding of ample reserve buffers, with international reserves of US$475bn almost back to pre-pandemic levels. Saudi Arabias economic outlook appears promising, especially if the reform process can remain on track and finance continues to flow into the kingdoms strategic projects and growth sectors. June 7, 2022. Jun 04, 2021 | Published by: GlobalData | USD . As the largest economy in the Middle East, with ties to both China and the United States, Saudi Arabia is well-positioned to use its strategic relationships and hydrocarbon resources to stabilize volatile energy markets and advance economic recovery. October 31, 2022 14:14. Press Saudi Arabia The baseline forecast is for growth to slow from 6.1 percent last year to 3.2 percent in 2022, 0.4 percentage point lower than in the April 2022 World Economic Outlook. Saudi Arabia is likely to be one of the world's fastest-growing economies this year as sweeping pro-business reforms and a sharp rise in oil prices and production power recovery . The economy also benefits from large public investment projects, largely funded by the Public Investment Fund and the National Development Fund, said S&P in the report. It aims to increase both the traceability and the transparency of end-to-end carbon intensity of every part of the oil supply chain, enabling investors, policymakers, companies, and consumers to make more informed decisions. The kingdom has forecast economic growth of over 7 percent in 2022 as higher oil prices and expanding production could boost the state coffers and the level of consumption bounces back to pre-COVID times. Find out the latest opportunities available at Economist Intelligence. Beta V.1.0 - Powered by automated translation, the kingdoms economy to grow 4.8 per cent, Business activity in Arab world's largest economies continued to improve in January, GCC economies set to grow at fastest pace in a decade on higher oil prices. The protecting wildlife, habitats and biodiversity pillar will contribute to the target of increasing the protected areas by more than 50 percent by 2030, he said, while the promoting sustainability pillar is integrated in the other two pillars to achieve the SGI targets, where the energy ministry is the main participant at the summit. Headline inflation is projected to slow and hover at about 2% in 2022 as result of a stronger US dollar, against which the Saudi Riyal is pegged, and tighter monetary policy. With high vaccination rollout reaching 68% of the population, from January 2022 new cases were on a downward trajectory. We must get new systems with new technologies of new irrigation system to limit water waste in the future, he added. Saudi Arabia, which has administered more than 59 million Covid-19 vaccine doses so far and has fully vaccinated 70 per cent of its population, is unlikely to suffer a recurrence of pandemic-related disruptions, Jadwa said. The Kingdom has developed the initiatives according to four main pillars:the circular carbon economy;raising vegetation cover and reducing degraded lands;protecting wildlife habitats and biodiversity;and promoting sustainability, AlbaraaAldhahri, project manager at the Saudi Green Initiatives environmental track, told Arab News. Price inflation will rise to 1.7 per cent a year, as higher levels of inflation recorded in many developed economies do not fully transmit into the local economy, the report said. "Saudi Arabia, the growth forecast for 2022 has been revised up by 1.6 percentage points to 4.9%," the World Bank stated. The growth observed this year is likely to continue till next year too. The kingdom does not disclose the oil price it assumes to calculate its budget. We forecast Saudi Arabia's arrivals from Kuwait to grow by 189.2% y-o-y to reach 943,760 in 2022, increasing from 326,340 in 2021. Bisher Al-Khasawneh, Jordansprimeminister,pointed to the repercussions on the environment, food and population due to climatechange. At the same time, no additional debt issuances will push the debt-to-GDP ratio down to 26.3 per cent at the end of 2023, according to the report. 2022 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. We have some of our polymer-based materials that are used from hydrocarbons and polymers, as well we have one of our hydrogen production plants breaking out ammonia into hydrogen, and were haveArchie, one of our applications initiated and launched in the Kingdom with the help of Aramco, she said. It will feature a conference on smart cities, a forum on the future of building and sustainability, and a few workshops on the latest technologies and innovations presented by some of the sectors leading executives and experts. The credit rating agency further added that the positive outlook reflects its strength of GDP growth, healthy financial policies, and government reforms that aim to diversify the economy, which has been oil-dependent for several decades. Get a sample report showing our regional, country and commoditiesdata and analysis. Saudi Arabia's economy is expected to expand 7.7 per cent in 2022, after 3.3 per cent growth in 2021, as the coronavirus-related uncertainty that marked the last two years recedes, according to private equity and investment group Jadwa Investment. 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