DUBAI: 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.”
May 10, 20216:46 AM UTC
Middle EastSaudi Arabia s GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers
Reuters
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Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia, November 12, 2017. Picture taken November 12, 2017. REUTERS/Faisal Al Nasser
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 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 0.3% in the first quarter.
May 11 2021, 7:57 AM
May 10 2021, 12:14 PM
May 11 2021, 7:57 AM
(Bloomberg)
(Bloomberg)
Saudi Arabiaâs non-oil economy the engine of job creation rebounded in the first quarter to pre-pandemic levels, even as the overall economy was dragged into contraction by oil-production cuts.
The non-oil sector grew 3.3% from a year earlier, the strongest since 2019, according to preliminary estimates released on Monday by the kingdomâs General Authority for Statistics.Final figures are scheduled to be released in June.
Business in the worldâs largest crude exporter is gradually returning to normal after the twin crisis caused by oil-market turmoil and coronavirus-related lockdowns. Consumer spending is rebounding and officials plan to partially reopen the kingdomâs borders on May 17. The International Monetary Fund expects the economy to grow 2.1% this year after shrinking 4.1% in 2020.
May 10, 2021
RIYADH The General Authority for Statistics (GASTAT) published on Monday the flash estimates of the real Gross Domestic Product (GDP) growth rate for the first quarter (Q1) of 2021.
According to the GASTAT, the seasonally adjusted real GDP of non-oil activities and government service activities recorded a positive growth of 4.0 percent, compared to the fourth quarter of 2020.
On the other hand, the year-on-year change of non-oil activities reached a positive growth of 3.3 percent.
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 seasonally adjusted data to make economic comparisons between countries. SG
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