Macroeconomic Outlook Report: Saudi Arabia

Macroeconomic Outlook Report: Saudi Arabia

Summary

Mining, manufacturing, and utilities contributed 51.2% to the gross value added (GVA) in 2023, followed by financial intermediation, real estate, and business activities (10.1%) and wholesale, retail, and hotels (8.6%). In nominal terms, the three sectors are forecast to grow by 2.8%, 3.5%, and 3.2%, respectively, in 2024.

In 2023, Riyadh was home to 23.3% of Saudi Arabia’s population and accounted for 19.6% of total GDP, according to GlobalData’s Cities database.

The Tadawul all share index exhibited an upward trend over the past year. As of February 7, 2024, the index stood at 12,024.9, compared to 10,469.5 on February 7, 2023.

Scope

In September 2023, during the inaugural Cityscape Global Exhibition in Saudi Arabia, construction and infrastructure projects worth $17.3 billion were announced. Notably, ROSHN, the National Housing Company, unveiled initiatives totaling $11.2 billion for developments in suburbs and communities under its administration.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.