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FinancialNews


  • 14-09-21

    Saudi Arabia’s private sector increases 11 percent in Q2 of 2021

    (MENAFN) According to official data, Saudi Arabia altered its GDP statistics for April-June period of 2021 based on strong development in private sector and non-oil activities, regardless of decelerated growth in its oil sector.

    The General Authority for Statistics (Gastat showed that the Kingdom's private sector increased by 11 percent in the second three months, in comparison to the previous year same time span, pushing GDP up by 1.8 percent, rose from 1.5 percent.

    Following five consecutive quarters of annual falls, including a 7 percent decrease in the second three months of 2020 due to lockdowns and restrictions of the pandemic, the data showed a recovery.

    Also, the Kingdom’s non-oil sector represented an 8.4 percent growth, as the oil sector decreased 6.9 percent with the Kingdom limiting production under its deal with OPEC+.

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