Saudi GDP drops 3.9% to SAR 658.1 bln in Q4 2020

16/03/2021 Argaam Special

Riyadh City


Saudi Arabia’s gross domestic product (GDP) eased by 3.9% to SAR 658.11 billion by the end of Q4 2020, compared to SAR 684.96 billion a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.

 

In February, the authority issued rapid estimates of the Kingdom’s GDP at constant prices, expecting a decline by 3.8% year-on-year (YoY) in Q4 2020.

 

The oil sector’s GDP declined 9% YoY to SAR 254.98 billion in Q4 2020. The sector contributed 38.7% to the GDP during the quarter, down from 40.7% in the same period last year.

 

On the other hand, the non-oil sector’s GDP fell 1% YoY to SAR 398.2 billion in the same period, contributing 60.5% to the Kingdom’s GDP.

 

GDP By Regulatory Sectors at Constant Prices (SAR bln)

Sector

Q4 2019

Q4 2020*

Variation

Oil Sector

278.77

254.98

(8.5%)

Non-Oil Sector

Private Sector

274.88

272.82

(0.8%)

Public Sector

126.63

125.38

(1.0%)

Total

401.51

398.20

(0.8%)

Total oil & non-oil sectors

 

680.29

653.18

(4.0%)

Import fees

 

4.67

4.93

+5.6%

GDP

 

684.96

658.11

(3.9%)

* Initial data.

 

 

The authority said imputed bank services activities achieved the highest growth rates during the fourth quarter of 2020, reaching 4.7%, followed by agriculture activities with a growth rate of 3.6%, and financial, insurance and business service activities by 1.9%.

 

However, other mining and quarrying activities recorded the largest decrease during the period by 9.5%, followed by the transportation, storage and communication activity by 5.8%, then the community, social and personal services activities by 2.1%.

 

 

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