Saudi Arabia: GDP Down 3.3 Percent Despite Non-Oil Economy Growth
- Date: 11-May-2021
- Source: Al Bawaba
- Sector:Economy
- Country:Saudi Arabia
Saudi Arabia: GDP Down 3.3 Percent Despite Non-Oil Economy Growth
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.
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