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

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%.

*Initial Data.

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