Saudi economy contracted by 4.1% in 2020
Published 10 Feb,2021 via Arab News - Economy - The Saudi economy contracted by 4.1 percent in 2020, hit by the COVID-19 pandemic, lower crude prices and output cuts, according to data published by the General Authority for Statistics on Wednesday.
The economy of the world’s top oil exporter contracted by 3.8 percent in the fourth quarter of 2020 compared to the same period a year earlier, but grew 2.8 percent on a quarterly basis, according to preliminary estimates.
Saudi Arabia will publish final gross domestic product (GDP) data on March 16, the authority said.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Arab News