Saudi GDP edges down 1% to SAR 654 bln in Q1 2020

30/06/2020 Argaam Special

 

Saudi Arabia’s gross domestic product (GDP) saw a decrease of 1% year-on-year (YoY) to SAR 654.03 billion in Q1 2020, data issued by the General Authority for Statistics (GASTAT) showed.

 

The oil sector’s GDP declined by 4.6% YoY to SAR 263.13 billion in the same period. The sector contributed 40.2% to the Kingdom’s GDP during the quarter, down from 41.8% in the same period last year.

 

Petroleum Refining dropped 24.2%, while Crude Petroleum and Natural Gas retreated by 2.9%, and then Manufacturing except Petroleum Refining, which fell by 2.6% during the three-month period.

 

Oil prices tumbled in Q1 2020, impacted by the COVID-19 outbreak, and the OPEC countries' inability to reach an agreement over the output cut.

 

The non-oil sector increased by 1.6% YoY to SAR 387.3 billion, contributing 59.2% to the Kingdom's GDP for the quarter.

 

Wholesale & Retail Trade, Restaurants & Hotels recorded the highest growth rate of 4.8%, while Finance, Insurance and Business Services rose by 3.9%, and then Construction which jumped by 2.2%.

 

Saudi Arabia’s GDP  (SAR bln)

Sector

Q1 2019

Q1 2020*

Variation

Oil Sector (Crude, petroleum & natural gas)

275.87

263.13

(4.6%)

Non-Oil Sector

Private Sector

264.39

268.06

+1.4%

Government Sector

116.97

119.23

+1.9%

Total

381.37

387.30

+1.6%

GDP excl. import duties

 

657.24

650.42

(1.0%)

Import duties

 

3.45

3.61

+4.7%

GDP

 

660.68

654.03

(1.0%)

*Initial Data.

 

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