The Saudi Arabian economy shrank 7 percent year-on-year in the second quarter of 2020, the biggest contraction since 1985, due to the coronavirus crisis. The non-oil sector sank 8.2 percent and a the oil sector plunged 5.3 percent. The biggest decreases were seen in wholesale and retail trade (-18.3 percent); transport, storage and communication (-16.3 percent); and petroleum refining (-10.4 percent). The second quarter marks the 4th consecutive quarterly decline in GDP, with the coronavirus pandemic hurting an economy already battling with falling oil prices and fuel demand while a big increase in VAT in July to 15 percent from 5 percent aiming to increase non-oil revenues is hurting domestic demand
GDP Annual Growth Rate in Saudi Arabia averaged 3.68 percent from 1969 until 2020, 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 October of 2020. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia is expected to be -5.00 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 4.50 in 12 months time. In the long-term, the Saudi Arabia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 2.50 percent in 2022, according to our econometric models.