Saudi Arabia's GDP Logs 1.5 Percent Rise in Q2

Saudi Arabia’s gross domestic product (GDP) has registered a positive growth rate rebounding up by 1.5% in Q2/2021 compared to Q2/2020, according to a report issued by the General Authority for Statistics (GASTAT).

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Saudi Arabia's GDP

^{Source: GASTAT}

Saudi Arabia’s total profits hit soared 85% hitting $66 billion in the second quarter (Q2) of 2021, while total expenditures stood at SR252.7 billion, an increase of 4% y-o-y.

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Also, KSA logged a budget deficit of $1.2 billion in Q2.

IMF Projections for Saudi Arabia

Saudi Arabia's economy is poised to grow by 2.4% this year, according to The International Monetary Fund (IMF) forecast. The kingdom's economy shrank 4.1% in 2020 due to the double whammy of the COVID-19 pandemic and ailing oil prices.