Saudi gross savings has fallen by 36.5% during 2020 on an annual basis, registering a decrease of SR365.11 billion compared to its value at the end of 2019.
According to official data issued by the Saudi General Authority for Statistics, the kingdom’s gross savings decreased to SR633.27 billion in 2020, compared to SR998.38 billion during the previous year.
The gross savings is a major economic variable and represented by the difference between disposable income and final consumption spending.
Saudi gross savings
Saudi gross savings accounted for 24.12% of GDP during 2020, at current prices, compared to 33.57% of its percentage of GDP in 2019.
The Kingdom’s GDP at current prices reached SR2.625 trillion in 2020, compared to SR2.974 trillion in the previous year.
The Kingdom’s gross savings decreased in the period (January/ September) of 2020 by 36.6% on an annual basis, and by SR278.21 billion riyals, to SR481.62 billion, compared to SR759.84 billion in the same period of 2019.
The Saudi gross savings decreased in the last quarter of last year, by 41.6%, on an annual basis, with a decrease of SR99.3 billion.
The gross savings amounted to SR139.24 billion in the fourth quarter of 2020, compared to SR238.54 billion in the same quarter of 2019. The savings decreased of 20.95%, compared to the previous quarter, amounting to SR176.15 billion, down SR36.9 billion.
Total savings accounted for 19.96% of Saudi GDP in the fourth quarter of 2020, compared to 30.99% in the fourth quarter of 2019.
The Kingdom’s GDP recorded in the last quarter of last year, at current prices, a value of SR697.56 billion, compared to SR769.68 billion in the same quarter of the previous year.
Government final consumer spending amounted to SR232.79 billion in the fourth quarter of 2020, compared to SR211.06 billion in the same quarter of 2019, recording an increase of 10.3%.
Private final consumption spending rose by about 2.9% in the last quarter of 2020, to reach SR300.5 billion, compared to SR292.02 billion in the same quarter of the previous year.
The total government consumption spending at current prices amounted to SR749.11 billion last year, compared to SR1.128 trillion for private final consumption spending.