Flash Estimates for 3Q 2020 Reveal a 4.2% YoY Contraction in Saudi Arabia’s Gross Domestic Product

November 11, 2020

Data from Saudi Arabia’s General Authority for Statistics indicated that the country’s gross domestic product (GDP) for the third quarter of 2020 (3Q 2020) decreased 4.2% year-on-year, reflecting an improvement over the 7.0% YoY contraction recorded in the second quarter of 2020 (2Q 2020).

On a seasonally-adjusted basis, the GDP grew 1.2% quarter-on-quarter (QoQ) in 3Q 2020, compared to a 4.9% QoQ contraction seen in 2Q 2020.

Authorities in Saudi Arabia noted that the flash estimates for 3Q 2020 were partial, subject to strong degree of approximation, and did not provide a break down of the performance in the country’s oil and non-oil sectors.