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2020-03-04 09:10:00

SAUDI ARABIA'S ECONOMY UP

SAUDI ARABIA'S ECONOMY UP

AN - 03 March 2020 - Saudi Arabia's non-oil economy grew by 3.3 percent last year, its fastest rate since 2014, even as the energy sector contracted and slowed overall growth.

Most of the increase in output was driven by the retail, hotel and financial sectors, which are attracting increased investment as the Kingdom moves away from dependence on oil revenues. The oil sector declined by 3.6 percent in 2019 dragging overall GDP growth to 0.3 percent according to data released on Sunday by Saudi Arabia's General Authority for Statistics. 

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