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Oil GDP decreased 12% in the first quarter, compared with a 4.7% contraction in the corresponding quarter last year, the General Authority for Statistics said May 10.
The first quarter economic slowdown was lower than the 3.9% contraction recorded in the fourth quarter of 2020, when the oil GDP shrank 8.6%, data showed.
Saudi Arabia has been curbing its production since May 2020, when the OPEC+ alliance started the steepest cuts in its history by trimming output by about 10 million b/d.
Easing OPEC+ cuts
OPEC+ is currently in the midst of easing its cuts by adding 2 million b/d by July amid an improvement in oil demand outlook.
11 May in 20:48 Arab News
Saudi Arabia’s non-oil economy the key focus of the Vision 2030 diversification strategy has shown its first year-on-year growth since the beginning of the pandemic recession,
“Flash estimate” figures released by the Kingdom’s General Authority for Statistics (GAS) revealed that, after a strong start to 2021 in non-oil activities, that sector of the economy grew by 3.3 percent year-on-year, its first positive outcome on an annualized basis since last March, when the coronavirus pandemic hit the global economy.
Despite the robust performance from the non-oil sector, overall total gross domestic product (“real” GDP) was 3.3 percent down year-on-year. The GAS explained: “The year-on-year change was the result of the sharp decrease in the oil activities of minus 12 percent due to ongoing crude oil production cuts agreed by OPEC+ since May 2020.”
Saudi Arabia records real 4% GDP growth in Q1
RIYADH, 2 days ago Saudi Arabia’s seasonally adjusted real gross domestic product (GDP) of non-oil activities and government service activities recorded a positive growth of 4% in the first quarter (Q1) of 2021, compared to Q4 2020. Meanwhile, the year-on-year change of non-oil activities reached a positive growth of 3.3%, reported
Saudi Press Agency (SPA), citing estimates published by the kingdom’s General Authority for Statistics (GASTAT). The flash estimates for quarterly GDP provide more timely information on the Saudi economy to decision makers and users for economic activities. Moreover, international organizations use the seasonal adjusted data to make economic comparisons between countries.
Tuesday, 11 May, 2021 - 08:00
FILE PHOTO: General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, June 21 2020. REUTERS/Ahmed Yosri Dubai - Asharq Al-Awsat
Saudi Arabia s economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3% in the first quarter.
DUBAI: Saudi Arabia’s economy shrank 3.3 per cent in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3pc, recovering from the pandemic, according to flash government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3pc in the first quarter.
Saudi Arabia’s economy, the largest in the Arab world, is expected to grow 2.1pc in 2021 after shrinking 4.1pc last year amid the twin shocks of the coronavirus pandemic and lower oil prices, the IMF said in a recent report.