Riyadh
Saudi Arabia’s gross domestic product (GDP) fell by 3% to SAR 634.6 billion by the end of Q1 2021, compared to SAR 654.03 billion a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.
In May, the authority issued rapid estimates of the Kingdom’s GDP at constant prices, expecting a decline by 3.3% year-on-year (YoY) in Q1 2021.
The oil sector’s GDP declined 11.7% YoY to SAR 232.4 billion in Q1 2021. The sector contributed 36.6% to the GDP during the quarter, down from 40.2% in the same period last year.
On the other hand, the non-oil sector’s GDP rose 2.9% YoY to SAR 398.5 billion in the same period, contributing 62.8% to the Kingdom’s GDP.
|
Saudi Arabia’s GDP by Sector (SAR bln) |
||||
|
Sector |
Q1 2020 |
Q1 2021* |
Variation |
|
|
Oil |
263.13 |
232.43 |
(11.7%) |
|
|
Non-Oil |
Private Sector |
268.06 |
279.74 |
+4.4% |
|
Government Sector |
119.23 |
118.72 |
(0.4%) |
|
|
Total |
387.30 |
398.46 |
+2.9% |
|
|
Oil and Non-Oil |
650.42 |
630.89 |
(3.0%) |
|
|
Import Duties |
3.61 |
3.71 |
+2.8% |
|
|
GDP |
654.03 |
634.59 |
(3.0%) |
|
*Preliminary data
The authority said that majority of economic activities witnessed positive growth rates in Q1 2021, led by manufacturing with 11.8%.
However, mining and quarrying activities recorded the largest decrease during the period by 13.9%, as a result of the decline in crude oil and natural gas activities by 14.1%.
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