The GDP of Saudi Arabia falls by 3% IN Q1

The GDP or the Gross Domestic Product of Saudi Arabia fell by 3%  in the first quarter compared to a year earlier, as per the official data.

The Bureau of Statistics said in a report on Monday that the main reason for the decline was an 11.7 percent drop in the oil sector; however, the non-oil sector recorded a positive growth rate of 2.9%, while the private sector grew by 4.4%.

Even before the pandemic began a year ago, poor oil production had destroyed the economies of the Gulf countries, because the decline in hydrocarbon revenues made it difficult for the government to balance budgets and finance large infrastructure projects.

The first quarter of 1998, GDP decreased by 0.43% compared with the same quarter of the previous year but increased by 0.44% compared with the previous quarter. Despite the economic downturn, international trade continued to recover strongly in the first quarter, with imports of goods and services increasing ninefold.

The Bureau of Statistics said in a report on Monday that the main reason for the decline was an 11.7 percent drop in the oil sector; however, the non-oil sector recorded a positive growth rate of 2.9%, while the private sector grew by 4.4%.

Even before the pandemic began a year ago, poor oil production had destroyed the economies of the Gulf countries, because the decline in hydrocarbon revenues made it difficult for the government to balance budgets and finance large infrastructure projects.

 

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