Saudi Arabia PESTLE Insights – A Macroeconomic Outlook Report

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 MarketLine’s Cities database.

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.

Companies mentioned

Almarai

Alinma Bank

AI Rajhi Bank

Table of Contents

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

Exhibit 1: Saudi Arabia’s performance in terms of its country risk analysis in comparison to Middle East and North Africa and the World

Exhibit 2: Performance overview (score: 0–100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Tadawul all share index

Exhibit 5: Key sectors’ contribution to the economy

Exhibit 6: FDI inflows and FDI inward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&A deals (2018–22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation export, % of world total (2022)

Exhibit 15: Interest rates (January 2020 – January 2024)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: General government deficit (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Labor force participation rate (2019–26f)

Exhibit 21: Average annual wages (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High-technology exports, % of manufactured exports (2022)

Exhibit 28: Index of economic freedom (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2023)

Exhibit 30: Renewable energy capacity (2018–23)

Exhibit 31: CO2 emissions (2018–22)

List of Figures

List of Figures

Exhibit 1: Saudi Arabia’s performance in terms of its country risk analysis in comparison to Middle East and North Africa and the World

Exhibit 2: Performance overview (Score: 1–100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Tadawul all share index (December 2020 – December 2021)

Exhibit 5: Key sectors contribution to the economy (2017–2024f)

Exhibit 6: FDI flows and FDI stock (2017–21)

Exhibit 7: Value and number of greenfield FDI projects, and net cross border M&As (2018–21)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2017–2024f)

Exhibit 10: Real GDP growth rate comparison (2022e)

Exhibit 11: Growth in volume of exports and imports of goods and services (2018–25f)

Exhibit 12: Current account balance (2018–25f)

Exhibit 13: Top three commodity exports, % of total exports, (2018–21)

Exhibit 14: Mineral fuels, mineral oils, % share of world’s total (2021)

Exhibit 15: Interest rates (December 2018 – December 2022)

Exhibit 16: Exchange rate and inflation (2018–25f)

Exhibit 17: General government net lending/borrowing (2018–25f)

Exhibit 18: General government gross debt (2018–25f)

Exhibit 19: Unemployment rate (2018–25f)

Exhibit 20: Average annual wages (2018–25f)

Exhibit 21: Labor cost index (2018–25f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 23: Age-group share of total population (1995. 2005, 2015, 2025)

Exhibit 24: Gender split (1995, 2005, 2015, 2025)

Exhibit 25: Internet users as a % of total population, mobile and broadband penetration rates (2022e)

Exhibit 26: Number of patents granted per million people (2021)

Exhibit 27: High technology exports (% of manufactured exports) (2021 or latest available data)

Exhibit 28: Global freedom scores, 2022

Exhibit 29: Corruption perceptions index (rankings) (2021)

Exhibit 30: Renewable energy, installed capacity (2017–20)

Exhibit 31: CO2 emissions (2017–21)

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