Non-oil activities lead pandemic recovery
The Saudi economy is back to growth in 2021, after a year of contraction due to the pandemic.
The Kingdom’s real gross domestic product grew 3.3 per cent last year compared to a contraction of 4.2 per cent in 2020 when the pandemic paralysed most economic activities, official data showed.
This positive growth was due to the high increase in oil activities by 10.8 per cent, non-oil activities increased by 5.0 per cent and government services activities increased by 2.4 per cent year-on-year.
“This increase in gross domestic product resulted of the economy recovering from the COVID-19 crisis through the growth of non-oil activities by 6.6 per cent, government services activities also increased by 1.5 per cent and oil activities grew by 0.2 per cent.”
General Authority for Statistics for the Kingdom of Saudi Arabia
Saudi real GDP went up by 6.8 per cent in the fourth quarter from a year ago thanks to a strong growth in non-oil activities, according to data from the General Authority for Statistics (GASTAT) for the Kingdom of Saudi Arabia.
GASTAT reports that, “this increase in gross domestic product (GDP) resulted of the economy recovering from the COVID-19 crisis through the growth of non-oil activities by 6.6 per cent, government services activities also increased by 1.5 per cent and oil activities grew by 0.2 per cent”.
Seasonally adjusted real GDP grew by 1.6 per cent in Q4/2021 compared to the previous quarter (Q3/2021). This increase in GDP was a result of the growth in oil activities by 1.8 per cent, non-oil activities increased by 1.5 per cent and government services activities grew by 1.2 pe cent.
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