2020-10-01 13:15:00
SAUDI ARABIA GDP DOWN 7%
S.A.GASTAT - 2020/09/30 - Saudi economy contracts by 7.0% in the second quarter of 2020
Gross Domestic Product (GDP) of Saudi Arabia contracted by 7.0% in real terms in the second quarter of 2020. This negative growth originated mainly from the contraction in the Non-Oil Sector by 8.2%, and the Oil Sector by 5.3%. The Private Sector and the government Sector recorded a negative growth rate of 10.1% and 3.5%, respectively.
GDP Growth by Main Economic Activity
- In the second quarter of 2020, all activities recorded negative growth. "Wholesale & Retail Trade, Restaurants & Hotels" contracted the most by -18.3%, followed by "Transport, Storage & Communication" with -16.3%, "Petroleum Refining" with -14.0%.
- "Finance, Insurance & Business Services" recorded the smallest contraction of -0.3%, followed by "Real Estate Activities" with -1.1% "Government Services" by -1.3%.
Size of the Economy and Contributions of Economic Activities
The Saudi GDP at current prices amounted to SAR 564.2 billion in the second quarter of 2020, down by 23.8% from the same quarter of the previous year. The contribution of Government Services to GDP was 24.5%, followed by Crude Petroleum & Natural Gas with 14.5%, Manufacturing, excluding Petroleum Refining, with 10.3%, and Wholesale & Retail Trade, Restaurants & Hotels with 10.3%.
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Earlier:
2020, September, 30, 13:10:00
OIL PRICE: NOT BELOW $40 AGAIN
Brent dropped 40 cents, or 1%, to $40.63 per barrel, WTI fell 32 cents, or 0.8%, to $38.97.
2020, September, 30, 12:50:00
SAUDI ARABIA RATINGS A-/A-2
Low oil prices and the COVID-19 pandemic are taking a toll on Saudi Arabia's economy and budget
2020, September, 25, 13:00:00
OPEC+ IRAQ REDUCING
OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,
2020, September, 24, 12:20:00
OPEC+ REBALANCING: 2021
The OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019.
2020, September, 18, 12:25:00
OPEC RESTORES BALANCE
Energy minister Alexander Novak said Russia "greatly values cooperation with OPEC," and that while overall compliance with the cuts is high, "I would like to urge everyone to view this very seriously and stick to the high level of conformity we were able to achieve."
2020, September, 11, 12:20:00
OPEC+ PRODUCTION CUT
The OPEC+ agreement called for a decrease in crude oil output by a combined 9.7 million b/d in May and June, a combined decrease of 9.6 million b/d in July 2020, and a combined decrease of 7.7 million b/d in August
2020, September, 8, 12:45:00
OPEC+ STABILIZES MARKET
Saudi Arabia and Russia agreed to further closely coordinate their work on production cuts, trade and investments.
