Econometric Insights Into Sectoral Dynamics And Economic Factors In Saudi Arabia: Assessing Impacts And Resource Utilization

Abstract

The research provides ideas on the impact of various economic factors on Saudi Arabia's economy based on an exhaustive literature analysis. These factors include manufacturing value added, unemployment rates, agricultural water withdrawals, and economic diversification. Using data collected between 2003 and 2022, the multiple regression model incorporates the following factors: spending on education, value added manufacturing, freshwater withdrawals, employment in the service sector, GDP growth, labor force participation, oil rents, value added services, and unemployment rates. Outside shocks are captured via dummy variables for the 2008 recession and the 2020 COVID-19 pandemic