Riyadh – Mubasher: Saudi Arabia’s gross domestic product (GDP) at constant prices declined by 4.6% year-on-year (YoY) during the third quarter (Q3) of 2020, according to initial estimates.
The negative growth was largely ascribed to an 8.2% contraction in the oil sector as well as a negative growth rate of 2.1% in the non-oil sector, the General Authority for Statistics (GaStat) said in a statement on Thursday.
The private sector economy fell by 3.1%, while the government sector grew by 0.5%.
Quarter-on-quarter (Q0Q), the kingdom’s seasonal adjusted GDP advanced by 1.8% in the July-September period, driven by a 5.7% expansion in the non-oil sector.
In Q2-20, Saudi Arabia’s GDP at constant prices declined by 7% to SAR 597.84 billion, compared with SAR 642.78 billion in the year-ago quarter, pressured by the repercussions of the coronavirus (COVID-19) pandemic.
