Nominal Exports of Services for Saudi Arabia
NXSNSAXDCSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,830.50
Year-over-Year Change
-30.67%
Date Range
1/1/2005 - 10/1/2021
Summary
The 'Nominal Exports of Services for Saudi Arabia' measures the value of services exported from Saudi Arabia to other countries. This metric is crucial for understanding Saudi Arabia's international trade and economic performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend represents the dollar value of services sold by Saudi Arabian companies and workers to foreign clients. It includes industries like tourism, finance, transportation, and professional services. Policymakers and analysts use this data to assess Saudi Arabia's global competitiveness and integration in the services trade.
Methodology
The data is collected by the Saudi Arabian Monetary Authority through surveys of service-exporting firms and individuals.
Historical Context
Monitoring service exports is important for Saudi economic policy, as the country aims to diversify its economy beyond oil and gas.
Key Facts
- Saudi Arabia is the largest economy in the Gulf Cooperation Council region.
- Services make up around 50% of Saudi Arabia's GDP.
- The country aims to reduce its reliance on oil exports under its 'Vision 2030' economic diversification plan.
FAQs
Q: What does this economic trend measure?
A: The 'Nominal Exports of Services for Saudi Arabia' measures the dollar value of services sold by Saudi companies and workers to foreign clients, including industries like tourism, finance, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding Saudi Arabia's international trade and economic diversification efforts, as the country aims to reduce its reliance on oil exports.
Q: How is this data collected or calculated?
A: The data is collected by the Saudi Arabian Monetary Authority through surveys of service-exporting firms and individuals.
Q: How is this trend used in economic policy?
A: Monitoring service exports is important for Saudi economic policy, as the country aims to diversify its economy beyond oil and gas under its 'Vision 2030' plan.
Q: Are there update delays or limitations?
A: The data is published on a regular basis, but there may be some delays in reporting due to the survey-based collection methodology.
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Citation
U.S. Federal Reserve, Nominal Exports of Services for Saudi Arabia (NXSNSAXDCSAQ), retrieved from FRED.