Saudi Arabia’s Q1 GDP falls by 3% on oil sector contraction

SINGAPORE (ICIS)–Saudi Arabia’s GDP fell by 3% year on year in the first quarter, weighed by the contraction in the oil sector, official data showed on Monday.

The first-quarter contraction follows the 3.9% year-on-year drop in the fourth quarter of 2020, the General Authority for Statistics said in a statement.

The oil sector contracted by 11.7% year on year in the first quarter, worsening from the 8.5% drop in the last quarter of last year.

The non-oil sector expanded by 2.9% year on year in the first quarter, improving from the 0.8% contraction in the last three months of 2020.

The petroleum refining sector surged by 21.2% year on year in the first quarter of this year, up from the 2.9% growth in the fourth quarter of last year.

The crude petroleum and natural gas sector contracted by 14.1% year on year in the first three months of 2021, worsening from the 9.6% contraction in the last three months of 2020.

Photo: Saudi Aramco refinery at Ras Tannura (Anonymous/AP/Shutterstock)