{"id":208620,"date":"2021-09-13T15:00:02","date_gmt":"2021-09-13T15:00:02","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=208620"},"modified":"2021-09-13T09:53:16","modified_gmt":"2021-09-13T09:53:16","slug":"saudi-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/saudi-economy\/","title":{"rendered":"Saudi economy grows 1.8% in Q2 but non-oil growth slows"},"content":{"rendered":"

Saudi Arabia’s economy achived a 1.8% annual growth in the second quarter, alhough the non-oil sector lost steam, according to official estimates.<\/p>\n

The General Authority for Statistics<\/a>, revised upwards earlier estimates of a 1.5% overall growth in the second quarter. But they also revised non-oil growth to 8.4% from an earlier 10.1%.<\/p>\n

On a quarter-on-quarter basis, the Saudi economy grew 0.6% compared to the first three months of the year, with the oil sector fuelling the growth.<\/p>\n

Saudi economy<\/h2>\n

The Saudi economy has been hit hard last year due to the twin bolw of the COVID-19 pandemic and record-low oil prices.<\/p>\n

The economy has rebounded this year, however, amid easing coronavirus-related restrictions, a vaccine roll-out and higher crude prices.<\/p>\n

The GDP segment comprising wholesale and retail trade, restaurants and hotels, grew 16.9% in Q2 compared to the same quarter last year, although declining slightly when compared to the first three months of this year.<\/p>\n

The pent-up demand that boosted the rebound was expected to lose some steam, economists have said.<\/p>\n

“Preliminary GDP data for 2Q2021 released in August points to some moderation in the pace of sequential non-oil GDP growth. This normalisation is to be expected as the boost to activity from the initial reopening of the economy, trapped spending and pent-up demand wanes,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a note last week.<\/p>\n

A domestic investment programme led by the Public Investment Fund, Saudi Arabia’s main sovereign investor, is expected to be the main driver of economic growth going forward, she said.<\/p>\n

London-based Capital Economics has said the recovery in the non-oil sector has lost momentum in recent months, as opposed to the oil sector, which strengthened due to increased output.<\/p>\n

“With OPEC+ agreeing … to raise oil output further, this will mechanically support stronger GDP growth and more than offset the easing of activity in the non-oil sector,” it said in a note last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia’s economy achived a 1.8% annual growth in the second quarter, alhough the non-oil sector lost steam, according to official estimates. The General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second quarter. But they also revised non-oil growth to 8.4% from an earlier 10.1%. On a quarter-on-quarter […]<\/p>\n","protected":false},"author":4,"featured_media":208638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-208620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\nSaudi economy grows 1.8% in Q2 but non-oil growth slows | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport | Saudi Arabia's economy achived a 1.8% annual growth in the second quarter, alhough the non-oil sector lost steam.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/saudi-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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