Saudi private sector grows 11% in Q2 despite slowdown in oil GDP

Saudi Arabia’s private sector grew by 11 percent in the second quarter of 2021, compared to the same period last year, pushing GDP up by 1.8 percent.

Latest figures from the General Authority for Statistics (Gastat) published today showed an 8.4 percent growth in the Kingdom’s non-oil sector, while the oil sector contracted 6.9 percent with the Kingdom curtailing production under its agreement with OPEC+.

The government sector grew by 2.3 percent, Gastat showed.

Economic activities in the Kingdom showed moderate recovery from the pandemic, with transactions in community, social, and personal services growing at the highest rate of 17.1 percent.

Retail, as well as the restaurants and hotel industry, jumped 16.9 percent, while the manufacturing sector grew 15.3 percent.