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Middle East and Central Asia > Saudi Arabia

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Cover IMF Staff Country Reports
Saudi Arabia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Reform momentum remains strong under Vision 2030. New reform initiatives are being rolled-out under the Vision Realization Programs (VRPs). Oil prices have risen over the past year and are positively affecting fiscal and external balances. Higher oil prices provide both an opportunity and a risk to the fiscal reforms.
Keywords:
ISCR; CR; SDR Department; deficit; amount; oil price; totaling SDR
Cover IMF Staff Country Reports
Saudi Arabia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2018 Article IV Consultation highlights that Saudi Arabia’s real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent. Growth is expected to pick-up further over the medium term as the reforms take hold and oil output increases. Risks are balanced in the near-term. The employment of Saudi nationals has increased, especially for women, but the unemployment rate among Saudi nationals rose to 12.8 percent in 2017. Credit and deposit growth remain weak, but both are expected to strengthen owing to higher government spending and non-oil growth. The fiscal deficit is projected to continue to narrow, from 9.3 percent of GDP in 2017 to 4.6 percent of GDP in 2018.
Keywords:
ISCR; CR; SDR Department; deficit; amount; oil price; totaling SDR; oil export revenue; revenue reform; IMF staff calculation; IFC advisory; exchange rate; Oil prices; Employment; Budget planning and preparation; Energy prices; Global; Europe; East Asia; Asia and Pacific; East Africa
Cover IMF Staff Country Reports
Saudi Arabia: 2017 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Saudi Arabia has embarked on a bold reform program under Vision 2030. Reform momentum is strong, and good progress is being made in reform implementation. Saudi Arabia has reduced oil production under the OPEC+ agreement. Non-oil growth is expected to pick-up this year, but overall GDP growth will be close to zero given the decline in oil production. Growth is expected to strengthen over the medium-term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices and how ongoing reforms will impact the economy.
Keywords:
ISCR; CR; private sector; oil GDP; director; SDR Department; growth
Cover IMF Staff Country Reports
Saudi Arabia: 2017 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2017 Article IV Consultation highlights Saudi Arabia’s launch of a bold reform program under Vision 2030, announced in 2016. The authorities have made considerable progress in initiating the implementation of their ambitious reform agenda. Non-oil growth is projected to pick up to 1.7 percent in 2017. Growth is expected to strengthen over the medium term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices, as well as questions about how the ongoing reforms will affect the economy. Employment growth has weakened, and the unemployment rate among Saudi nationals has increased to 12.3 percent. The fiscal deficit is also projected to narrow substantially in the coming years.
Keywords:
ISCR; CR; private sector; oil GDP; director; SDR Department; growth; IFC advisory; employment growth; oil export revenue; IMF staff calculation; totaling SDR; liquidity management framework; IFC strategy; IFC PPP; Oil prices; Energy prices; Fiscal consolidation; Global; East Asia; East Africa
Cover IMF Staff Country Reports
Saudi Arabia: 2013 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; economy; growth; holding; government spending growth
Cover IMF Staff Country Reports
Saudi Arabia: 2013 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This staff report on Saudi Arabia’s 2013 Article IV Consultation discusses economic policies and development. As the largest crude oil exporter, and the only producer with significant spare capacity, Saudi Arabia plays a systemic and stabilizing role in the global oil market. In 2011, Saudi Arabia formally committed through the G20 to use its systemic position in the oil market to promote global stability. Saudi Arabia raised oil production to a 30-year high to ensure demand was met the abrupt decline in Libyan production in 2011, and continued geopolitical tensions in 2012. Growth in fiscal spending has contributed to continued robust growth in private-sector credit of more than 16 percent, and high levels of liquidity in the banking system.
Keywords:
ISCR; CR; economy; growth; holding; government spending growth; IFC Riyadh office; private sector growth; liability positions vis-à-vis nonresident; IFC activity; Saudi Arabian economy; credit growth; Oil prices; Oil; Fiscal stance; Global; Middle East; oil price volatility; policy setting; performing G-20 economy; IMF's article; Inflation
Cover IMF Staff Country Reports
Qatar: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion;
International Monetary Fund
Qatar’s macroeconomic performance was strong in 2008, notwithstanding the global financial crisis. This 2008 Article IV Consultation discusses that overall real GDP growth is estimated at 16 percent in 2008, driven by expansions in the production of oil, liquefied natural gas, and condensates. Executive Directors have welcomed the authorities’ intention to moderate fiscal expansion and broaden the non-oil revenue base over the medium term. They have supported the emphasis on building capacity in infrastructure and easing supply bottlenecks while containing government current expenditure to reduce inflation.
Keywords:
ISCR; CR; oil price baseline assumption; surplus; rate; draft accord; real gross domestic product; rent inflation; Qatari riyal; Qatar's economy; exchange rate; Inflation; Oil prices; Commercial banks; Balance of payments statistics; Global
Cover IMF Working Papers
Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union
Mr. Russell C Krueger
and
Ettore Kovarich
Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure of the proposed union, the paper envisions several types of mutually reinforcing statistics-convergence criteria, statistics on the core policy variables and instruments, additional macroeconomic data, specialized statistics related to the economic and institutional conditions within the union, and public information. Major changes to national statistical programs are needed that should begin soon.
Keywords:
WP; GCC.; country; currency union; union; currency
Cover IMF Working Papers
Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries: A Case for "Gulfstat"
Abdulrahman K Al-Mansouri
and
Ms. Claudia H Dziobek
The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, based on economic convergence. To monitor convergence and support economic and monetary policy, comparable economic data for member countries and data for the region as a whole will be essential. What is the most efficient way to produce these data? The authors survey the statistical institutions in the GCC countries and present the case for creating "Gulfstat"-a regional statistical agency to operate within a "Gulf States System of Statistics." Valuable lessons can be learned from regional statistical organization in Africa and the European Union-Afristat and Eurostat.
Keywords:
WP; Eurostat; GCC country; country; process; authority; Data Quality; Regional Economic Integration; Gulf Cooperation Council; governance structure; common market; ROSC country report; GCC authorities; GCC member states; EU information requirement; Government finance statistics; Monetary unions; Data dissemination; Data collection; Sub-Saharan Africa; Europe; Global