Dubai, United Arab Emirates (CNN) – The Saudi Statistics Authority issued a report monitoring the growth rates in the gross domestic product during the year 2020. According to the agency’s estimates, the rate of growth in the gross domestic product decreased by 4.1% in 2020 compared to 2019.
This rate was mainly due to the contraction in the oil sector by 6.7%, in addition to the negative growth rate in the non-oil sector, which reached 2.3%. The private sector shrank by 3.1%, and the government sector also showed a negative growth rate of 0.5%.
The rate of growth according to the main economic activities in the Kingdom, the economic growth reached its highest levels in finance, insurance and business services with an increase of 1.3% in 2020, followed by mining and other quarrying activities (+ 0.8%), then government services (+ 0.4%)
However, petroleum refining activity recorded the largest decline of 13.4%, followed by crude oil, oil and natural gas (-6.1%), and then transport, storage and communication (-6.0%).
In the above infographic, here is a look at the rate of GDP growth in Saudi Arabia during 2020 compared to previous years.