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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