Saudi Arabia’s Economy Predicted to Recover from the Covid-19 Driven Plummet

Al Rajhi Capital, a leading financial Service provider in the Kingdom of Saudi Arabia estimates the country’s gross domestic product (GDP) to decline by 4.2% year-on-year (YoY) in the third quarter of 2020 (3Q 2020), an improvement from the 7.0% YoY contraction experienced during the second quarter of 2020. The report stated that the spending in the local market, predominantly in the retail, food & beverages, and health segments, continues to support the economy of Saudi Arabia.

According to the report by Al Rajhi Capital, rapid estimates by Saudi Arabia’s General Authority for Statistics showed GDP growth of 1.2% quarter-on-quarter in 3Q 2020 on a seasonally adjusted basis.

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