Riyadh – Mubasher: Saudi Arabia's gross savings shrank by 36.66% in the first half (H1) of the year on an annual basis, equivalent to SAR 187.46 billion.

The kingdom’s gross savings amounted to SAR 323.87 billion in H1-20, compared with SAR 511.33 billion in the corresponding period a year earlier, according to data collected by Mubasher based on official figures from the General Authority for Statistics (GaStat).

The H1-20 value was hurt by a 52.4% yearly contraction in savings volume during Q2-20 to SAR 121.68 billion.

Quarter-on-quarter (QoQ), the savings tumbled by 39.8% or SAR 80.52 billion.

The GCC nation’s gross national income (GNI) amounted to SAR 568.34 billion in Q2-20, compared with SAR 752.59 billion in Q2-19 and SAR 692.42 billion in Q1-20.

The GNI per capita recorded SAR 16,230 in Q2-20, down from SAR 22,060 in Q2-19 and SAR 19,890 in Q1-20.

Moreover, the Saudi population reached 35.01 million by the end of June 2020, up from 34.11 million in the year-ago period and 34.81 million in Q1-20.

The country’s gross domestic product (GDP) at constant prices fell by 7% in Q2-20 to stand at SAR 597.84 billion, compared with SAR 642.78 billion in Q2-19.

The GDP per capita slid to SAR 16,120 by the end of the April-June period, compared with SAR 21,690 in the prior-ago period and SAR 19,980 in Q1-20.