Saudi Arabia's GDP fell 3.9% in the fourth quarter of last year compared to the same period a year ago.
According to Arabiya Net, quoting Reuters, it has been affected by a significant downturn in the oil sector in light of the Kingdom's reduction in production, while the non-oil sector has also slowed down due to the damage caused by the Coronavirus pandemic.
Data issued by the General Authority for Statistics in Saudi Arabia showed that the oil sector declined 8.5% and the non-oil sector fell 0.8%.
The data said that the private sector economy slowed 0.8%, while the government sector declined 1%.
The Saudi General Authority for Statistics said that the gross domestic product in the fourth quarter achieved a growth of 2.5% in the fourth quarter compared to the third quarter of 2020.
She attributed this to the growth of the oil sector by 2.6% and the non-oil sector by 2.4%. The private sector grew by 3.2%, and the government sector grew by 0.6%, according to this comparison.
The report indicated that the gross domestic product reached 697.6 billion riyals in the fourth quarter of last year, and the private sector contributed 50.5% of the GDP at current prices, while the government sector recorded a contribution of 25.4%, and the oil sector 24.1%.
