The economy contracted 7.0% on an annual basis in the second quarter, after dipping 1.0% in the first quarter. [87][93], The introduction of  REITs was a part of the National Transformation program, one of the Saudi Arabia’s Vision 2030 programs, and has targets of, Saudi Arabia's private sector is dominated by a handful of big businesses in the service sector, primarily in construction and real estate— Olayan, Zamil, Almarai, Mobily, STC, SABIC, Sadara, Halliburton, Baker Hughes, Flynas, Hilton, Zain, Yanbu Cement, Alhokair, MBC, Mahfouz, Al Rajhi and Alfanar. Business confidence surveys signal continued expansion in Q2. The oil prices have gone up by double since the government began to consider the program in 2015. [130][131], The Saudi state discourages calling attention to or complaining about poverty. Real estate plays a fundamental role in the country's non-oil economy. [111], Unlike most developed countries where gross domestic product growth is a function of increases in productivity and inputs such as employment, in Saudi the fluctuation of oil prices is the most important factor in the growth or decline of domestic production. With its absolute monarchy system of government, large state sector and supply of welfare benefits, the Saudi economy has been described as, a bewildering (at least to outsiders) combination of a feudal fealty system and a more modern political patronage one. [126], The cost of maintaining the Royal Family is estimated by some to be about US$10 billion per year. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. [134] [111], Saudi population is young. We are pleased to present our analysis on the budget statement for the fiscal year 2019, announced on Tuesday, 18 December 2018. ", "Saudi Arabia Foreign Direct Investment (FDI) [2006 - 2018] [Chart-Data-Forecast]", "New Measures of foreign Investment in Saudi Arabia", "Saudi Arabia wants to sell $32 billion of bonds in 2019", "Saudi Arabia to Sell $7.5 Billion of Bonds in Two Parts", "Saudi Arabia Sells More Than $7 Billion in Bonds", "Bloomberg - Britain, China Lead Way in New Saudi Business Licenses", "The Petrochemicals and Plastics Sector in the Kingdom of Saudi Arabia", "Saudi Aramco to Invest $200 Billion in Refining, Exploration", "Saudi Arabia's Economic Overhaul Is Backfiring", "Saudi Aramco battles oil ministry over use of company funds", "Construction boom of Saudi Arabia and the UAE", "Saudi Arabia's Four New Economic Cities", "It's Not Just Aramco, Saudi's Privatization Push Is Slowing Down", "Saudi Arabia doubles private sector jobs in 30-month period", "Record numbers of foreign workers leave Saudi Arabia", "Saudi Arabia to stop wheat production by 2016", "Saudi agricultural investment abroad - land grab or benign strategy? [41] Saudi oil production, which had increased to almost 10 million barrels (1,600,000 m3) per day during 1980–81, dropped to about 2 million barrels per day (320,000 m3/d) in 1985. Saudi Arabia's economy slowed sharply in the second quarter amid oil output cuts by the world's largest crude exporter, ... down from annual growth of 1.66% in the first quarter of 2019. In 2008, Fortune 500 ranking records SABIC revenues at $40.2 billion, profits at $5.8 billion and assets standing at $72.4 billion.[170]. Moreover, foreign investment has been highly encouraged recently with the announcement of The Saudi vision 2030 as it promises of a better economic diversification. [132][133] Authors of the video claim that 22% of Saudis are considered to be poor (2009) and 70% of Saudis do not own their houses. [47] However, according to a report published in Trading Economics, in the second quarter of 2018, foreign direct investment in the country raised by $882 million. ", "The World's Largest Oil Reserves By Country", "World Natural Gas Reserves by Country (Trillion Cubic Feet)", "Kingdom of Saudi Arabia - Ministry of Commerce and Investment", "Saudi Arabia sees first budget surplus since 2014", "Report for Selected Countries and Subjects", "Aramco: How The World's Most Important Energy Company Works", "OPEC crude oil price statistics annually 1960-2018 | Statistic", "Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide", GDP (PPP) per capita trend during 1980-2010, Saudi Arabian imports grew 14% during the 2000s, "A Statistical Analysis of OPEC Quota Violations", "Saudi Arabia Suffers Shock Collapse in Inward Investment", "Is Saudi Arabia Unable Or Just Unwilling To Stem The Flow of Money Leaving The Country? Following final technical agreements with concession awardees in December 2001, development should begin in 2002. In almost two and a half years, bonds worth $60 billion have been sold by Saudi, becoming one of the biggest borrowers globally. In 2012, ICT sector spending was recorded at SAR 94 billion, with 13.9% annual growth, and reached approximately SAR 102 billion in 2013, with approximately 14% annual growth.

saudi arabia economy 2019

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