The Saudi Arabian economy shrank by 3.9 percent year-on-year in the fourth quarter of 2020, slightly more than initial estimates of 3.8 percent drop, and after a 4.6 percent contraction in the previous quarter. It was the sixth straight quarter of contraction in the economy but the smallest decline in 3 quarters due to an easing of lockdown measures. The oil sector contracted 8.5 percent, due to a plunge in international oil prices, amid demand concerns due to the coronavirus pandemic. The biggest decreases were seen in crude petroleum and natural gas (-9.6 percent).Meanwhile, the non-oil sector shrank by 0.8 percent, with transport, storage and communication recording the biggest fall (-5.8 percent), followed by wholesale & retail trade, restaurants & hotels (-1.2 percent). On a seasonally adjusted quarterly basis, the GDP grew 2.5 percent, lower than a preliminary estimate of a 2.8 percent growth, and after an upwardly revised 2.0 percent expansion in the third quarter. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.40 percent from 1969 until 2021, reaching an all time high of 24.20 percent in the fourth quarter of 1973 and a record low of -20.70 percent in the fourth quarter of 1982. This page provides the latest reported value for - Saudi Arabia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Saudi Arabia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
GDP Annual Growth Rate in Saudi Arabia is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Saudi Arabia to stand at 2.50 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 3.00 percent in 2023, according to our econometric models.