{"id":42008,"date":"2023-06-15T12:57:01","date_gmt":"2023-06-15T09:57:01","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=42008"},"modified":"2026-03-28T03:31:50","modified_gmt":"2026-03-28T00:31:50","slug":"cost-of-living-evolves-in-saudi-arabia-in-line-with-swift-economic-progress-mercer-2023-report-shows","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/cost-of-living-evolves-in-saudi-arabia-in-line-with-swift-economic-progress-mercer-2023-report-shows\/","title":{"rendered":"Cost of Living Evolves in Saudi Arabia in line with Swift Economic Progress, Mercer 2023 Report Shows"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><em>Mercer\u2019s Cost of Living 2023 report sees Riyadh and Jeddah moving up to the 85<sup>th<\/sup>&nbsp;and<sup>&nbsp;<\/sup>101<sup>st<\/sup>&nbsp;spots globally<\/em><\/li>\n\n\n\n<li><em>Data indicates that even in the face of inflation, the robust economic foundation of Saudi Arabia holds promising prospects for growth and individual living standards<\/em><\/li>\n\n\n\n<li><em>World-leading GDP growth of 8.7% GDP, wage rises, and a fast-growing non-oil economy are contributing to Saudi Arabia\u2019s economic resilience<\/em><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh, June 15, 2023:<\/strong>\u00a0The recently released\u00a0<a href=\"https:\/\/urldefense.com\/v3\/__https:\/www.mercer.com\/insights\/total-rewards\/talent-mobility-insights\/cost-of-living\/__;!!N96JrnIq8IfO5w!hfz8d0Cg2NjPCIJ60oRg5o-AUsqsu1zckihIFUwrjPASc69ygBQc14-VM3g4dGdZz5sUT7Tk13FPtxwMOQPTB7IbCQ$\" target=\"_blank\" rel=\"noreferrer noopener\">Cost of Living 2023<\/a>\u00a0survey by Mercer provides an in-depth view of worldwide affordability. According to the data, Riyadh and Jeddah have ascended the rankings to the 85<sup>th<\/sup>\u00a0and 101<sup>st<\/sup>spots respectively, however, they are still positioned among the more economically favorable cities globally for expatriates. Moreover, Saudi Arabia continues to display robust economic growth and resilience despite inflationary pressure changes, providing a promising outlook for the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A key driver behind the changes in Saudi Arabia\u2019s cost of living rankings in 2023 has been an increase in the cost of groceries and personal care items, which rose by 7% and 5% respectively. The data collected from expatriates living in compounds also indicates a modest 4% annual increase in accommodation costs \u2013 significantly lower compared to the world\u2019s costliest cities, with Singapore (2<sup>nd<\/sup>) registering average rent increases of 50%. Within the region, cities in Saudi Arabia compare well to those in other GCC countries, with Dubai\u2019s rising rental costs making a significant impact on its ranking.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Outside of the comparatively modest rise in housing costs in Saudi Arabia, the survey has also identified a 4% rise in the cost of eating out at restaurants. However, unlike much of the rest of the region, the cost of utilities, transportation, and leisure have remained at around the same level as last year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commenting on Saudi Arabia\u2019s rise in the rankings,&nbsp;<strong>Najla Najm, Partner and Career Business Leader, Mercer&nbsp;Middle East<\/strong>, said: \u201cIn 2022, Saudi Arabia recorded an 8.7% growth in GDP and remains one of the world\u2019s fastest-growing economies, keeping the country on-track to achieving the objectives laid out in Saudi Vision 2030. Sweeping pro-business reforms and a sharp rise in oil prices and production have facilitated strong economic recovery, with the oil sector as one of the main drivers of the country\u2019s economic expansion, contributing at least 4.8% of the Kingdom\u2019s overall growth in 2022. Employers are recognizing these changes. Our research shows that Saudi Arabia has witnessed a strong growth in salary increments on the back of its robust economic development. Across the Kingdom, salaries have grown by an average of 4.2%, with the financial services sector seeing 5%, energy sector 4%, and technology sector 4.3% hikes.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From a global standpoint, the report shows that Hong Kong (1<sup>st<\/sup>) retains its position as the most expensive city for expatriates, followed by Singapore, which climbed up from 8<sup>th<\/sup>&nbsp;to 2<sup>nd<\/sup>&nbsp;spot. Global hubs like London (17<sup>th<\/sup>), Amsterdam (28<sup>th<\/sup>) have dropped in the ranking by few spots, New York (6<sup>th<\/sup>) climbed up the ranking +1. In the Middle East region, Dubai is ranked at the 18<sup>th<\/sup>&nbsp;spot, Abu Dhabi 43<sup>rd<\/sup>, Manama 98<sup>th<\/sup>&nbsp;and Doha 126<sup>th<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Explaining the emerging challenges and opportunities,\u00a0<strong>Najla added<\/strong>: \u201cDespite Saudi Arabia being one of the fastest-growing economies, the survey shows that there are global factors that are out of the control of any single policymaker in any one country. Exchange rate fluctuations, geopolitical concerns and continued inflation will heap pressure on the entire global economy in 2023 and continue to cause cost-of-living concerns for most countries. These realities, laid out in the\u00a0<a href=\"https:\/\/www.marshmclennan.com\/content\/dam\/mmc-web\/insights\/publications\/2023\/global-risks-report-2023\/global-risks-report-2023.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Global Risks Report<\/a>\u00a0from the World Economic Forum (WEF) and Marsh McLennan, illustrate how the cost-of-living crisis is one of the most severe risks perceived by national governments and businesses around the world. The impetus for inflation mitigation is one that private businesses and the public sector must share.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, June 15, 2023:\u00a0The recently released\u00a0Cost of Living 2023\u00a0survey by Mercer provides an in-depth view of worldwide affordability. According to the data, Riyadh and Jeddah have ascended the rankings to the 85th\u00a0and 101stspots respectively, however, they are still positioned among the more economically favorable cities globally for expatriates. Moreover, Saudi Arabia continues to display robust [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":18933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-42008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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