Saudi economy grows 1.8 % in Q3 2020
Friday, 12 18 2020, Category: Economy, Country: Saudi Arabia
According to the preliminary estimates, Gross Domestic Product (GDP) of Saudi Arabia at constant prices recorded a negative growth rate of 4.6% in the third quarter of 2020 compared to the third quarter of 2019. This negative growth originated mainly from the contraction in the oil sector by 8.2% and a negative growth rate of 2.1% recorded in the non-oil sector. The private sector economy shrunk by 3.1%, while the government sector showed a positive growth rate of 0.5%.
Compared to the previous quarter, seasonal adjusted GDP recorded a positive growth of 1.8% in Q3/2020. This quarter-on-quarter positive growth originated mainly from the expansion in the non-oil sector by 5.7% and a negative growth rate of 3.6% observed in the oil sector. Economic growth in the private sector was 7.6%, while the government sector increased by 1.5%.