The seasonally adjusted real gross domestic product (GDP) of Saudi Arabia recorded a growth rate of 2.8% in the fourth quarter (Q4) of 2020 compared to the third quarter of 2020, a media report said.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is increasingly playing a bigger role in the economy and intends to invest around $40 billion each year in the local economy
DUBAI Saudi Arabia’s economy shrank by 3.8% in the fourth quarter from the same period a year earlier, preliminary government data showed on Wednesday, but…
Saudi economy shrank 3.8% in fourth quarter: Preliminary data
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Last Updated: Feb 10, 2021, 12:22 PM IST
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The “flash estimates” for quarterly gross domestic product by Saudi Arabia’s General Authority for Statistics did not have a breakdown on how the oil and non-oil sectors performed in the three-month period to the end of December.
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DUBAI: Saudi Arabia s economy shrank by 3.8% in the fourth quarter from the same period a year earlier, preliminary government data showed on Wednesday, but it grew 2.8% on a quarterly basis.
The “flash estimates” for quarterly gross domestic product by Saudi Arabia’s General Authority for Statistics did not have a breakdown on how the oil and non-oil sectors performed in the three-month period to the end of December.
Employment rate in Saudi Arabia will likely grow in 2021, spurred by the potential acceleration in economic recovery and rise in the number of people receiving the COVID-19 vaccine, Jadwa Investment said in a recent report. We expect to see an improvement in the Saudi unemployment rate during Q4 2020, in line with a pick-up in a number of economic indicators during the quarter. In addition, we expect the pace of job substitution in favor of Saudis to continue, with employment in wholesale and retail and accommodation and food services continuing to see rises in Saudi numbers, the research firm said.
It added that the employment trend for Saudis during Q3 2020 was a direct result of measures implemented by the employment support program and SANED scheme.