Riyadh – Mubasher: Saudi Arabia’s gross domestic product (GDP) at constant prices fell by 7% in the second quarter (Q2) of 2020 to stand at SAR 597.84 billion, compared with SAR 642.78 billion in the year-ago quarter.

This decline resulted from the 8.2% drop in the non-oil sector’s growth, followed by a 5.3% slump in the GDP of the oil sector. The GDPs of the private and government sectors retreated by 10.1% and 3.5%, respectively, official data showed on Wednesday.

In the first quarter of the year, the kingdom’s GDP amounted to SAR 654.03 billion.

The oil sector’s GDP amounted to SAR 256.04 billion in Q2 of the year, down from SAR 270.31 billion in Q2-19 and SAR 263.13 billion in Q1-20.

Moreover, the non-oil sector’s GDP at constant prices stood at SAR 338.17 billion in Q2-20, lower than SAR 368.35 billion in Q2-19 and SAR 387.29 billion in Q1-20.

The GDP of the private sector reached SAR 235.44 billion in Q2 -20, compared to SAR 261.84 billion in Q2-19 and SAR 268.06 billion in Q1-20.

Additionally, the government sector’s GDP registered SAR 102.74 billion in Q2-20, compared with SAR 106.51 billion in Q2-19 and SAR 119.23 billion in Q1-20.

The GDP at current prices totalled SAR 564.21 billion in Q2-20, compared with SAR 740.03 billion in the year-ago period and SAR 695.57 billion in Q1-20.