Saudi Arabia’s gross domestic product (GDP) saw a decrease of 7% year-on-year (YoY) to SAR 597.84 billion in Q2 2020 from SAR 642.78 billion in Q2 2019, data issued by the General Authority for Statistics (GASTAT) showed.
The oil sector’s GDP fell 5% YoY to SAR 256.04 billion in Q2 2020. The sector contributed 42.8% to the Kingdom’s GDP during the quarter, compared to 42.1% in the same period last year.
The non-oil sector decreased by 8% YoY to SAR 338.2 billion, contributing 56.6% to the Kingdom's GDP for the quarter.
All economic activities witnessed lower growth rates during Q2 2020, as wholesale & retail trade, and restaurants & hotels recorded the highest decline rate of 18.3%, followed by transport, storage and communication with 16.3%, and petroleum refining with 14%.
Meanwhile, finance, insurance, and business services recorded the smallest contraction of 0.3%, followed by real estate activities with 1.1%, and government services with 1.3%.