Saudi Arabia Macroeconomic Developments

By December 17, 2019News

Saudi Arabia’s economic outlook improved modestly in 2019 with consistent growth in non-oil revenues.  

Saudi Arabia budget highlights include:

  • The 2019 fiscal deficit of SAR 131 billion ($34.9 billion), representing 4.7 percent of GDP
  • Estimated revenue for 2019 was SAR 917 billion ($244.5 billion) of which SAR 602 billion ($106.5 billion) was oil revenue and SAR 315 ($84 billion) was non-oil revenue
  • Non-oil revenue is forecast to grow 1.6% year-on-year to SAR 320 billion ($85.3 billion)

Other accomplishments for the year include; issuing 190,000 tourist visas in the first 65 days of the new e-visa program according to the Saudi Commission for Tourism and National Heritage (SCTH), and the unemployment rate for Saudi nationals decreased to 12 percent in Q3 2019 from 12.3 percent in the previous quarter. In the same period, labor participation rose from 45 percent to 45.5. percent.