The Saudi Arabian economy shrank 4.2 percent year-on-year in the third quarter of 2020, compared to a 7 percent contraction in the previous quarter as an easing of lockdown measures was not enough to boost consumption weakened by a sizable rise in VAT. In July, the government decided to raise the VAT tax rate to 15 percent from 5 percent. On a seasonally adjusted quarterly basis, the GDP grew 1.2 percent, rebounding from a 4.9 percent contraction in the second quarter. The preliminary estimates did not have a breakdown on how the oil and non-oil sectors performed. The authority said the estimates came out at the end of the reference quarter when the information was still partial and subject to a high degree of approximation. source: Central Department Of Statistics & Information
GDP Annual Growth Rate in Saudi Arabia averaged 3.58 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 November of 2020.
GDP Annual Growth Rate in Saudi Arabia is expected to be 2.50 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 3.50 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.