The economy of Saudi Arabia shrank 1 percent year-on-year in the first three months of 2020, the third straight quarter of contraction and the deepest in over 2 years. The oil sector dropped 4.6 percent due to a plunge in international oil prices during the first four months of the year amid oversupply and demand concerns due to the coronavirus pandemic. Petroleum refining sank 24.2 percent and crude petroleum and natural gas production went down 2.9 percent. In contrast, the non-oil sector rose 1.6 percent, with wholesale and retail trade and restaurants and hotels recording the biggest growth (4.8 percent), followed by other mining and quarrying (4.6 percent) and transport, storage, and communication (4.1 percent) while manufacturing excluding petroleum refining declined 2.6 percent and real estate activities contracted 1.4 percent. The IMF expects the Saudi Arabian economy to contract 6.8 percent in 2020.
GDP Annual Growth Rate in Saudi Arabia averaged 3.81 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 July 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.