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Tariff-triggered oil slump could deepen Saudi budget strain
Lower oil revenues could prompt deeper budget cuts, fresh debt issuance, and reprioritization of Vision 2030 projects
Low oil price scenario could widen budget deficit, delay gigaprojects -EFG Hermes’ Shams El Din
Saudi Arabia is more exposed to oil prices than the UAE and Kuwait, Shams El Din says
Unemployment reaches 3.5% in 4Q 2024
On a quarterly basis, the overall unemployment rate was down by 0.2 percentage points from 3Q 2024.
Non-oil private sector growth slightly slower in March
The PMI figure came in at 58.1 in March, dipping down from February’s reading of 58.4
Non-oil exports up 13.1% in January + US imposes 10% tariffs on our exports
Oil’s share of total exports dropped to 72.7%
Spending via PoS transactions rises 6.3% w-o-w to SAR 14.5 bn
The number of weekly transactions also rose by 0.3% w-o-w to 193.6 mn
Fed holds rates steady, warns of rising inflation and slower economic growth
The Fed lowered its GDP growth forecast for the US to 1.7%, down from 2.1%
S&P Global Ratings gives its two cents on the Kingdom’s economy
S&P Global Ratings recently revised Saudi Arabia’s credit rating to A+
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