Saudi economy posts 1.2% growth in Q3; 4.2% annual contraction

  • Date: 15-Nov-2020
  • Source: Saudi Gazette
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi economy posts 1.2% growth in Q3; 4.2% annual contraction

Saudi Gazette reportRIYADH — General Authority for Statistics (GaStat) said that Saudi Arabia's gross domestic product (GDP) posted a quarterly growth of 1.2% in the third quarter of 2020 while compared to the second quarter of the same year. However, the GDP growth witnessed a contraction of 4.2 percent year-on-year.The GaStat said that for the first time the rapid quarterly GDP estimates are being published, in order to provide timely information about the Saudi economy to decision makers and beneficiaries.The authority stated, in its report on Tuesday, that its rapid estimates showed a decrease