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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