According to reports released on Tuesday, economic growth in Saudi Arabia increased in the third quarter.
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According to the Kingdom’s General Statistics office, the economy expanded by 1.2 percent on a seasonally adjusted quarter-on-quarter rate in the third quarter, relative to a decline of 4.9 percent from the previous quarter.
However, the Saudi economy decreased by 4.2 percent year over year, which increased over the previous three months, when activity was almost halted due to pandemic-related lockdowns.
The General Authority for Statistics has released “flash estimates” for quarterly GDP results for the first time to provide further timely evidence on how the economy is doing. At the end of each year, the goal is to distribute that knowledge more efficiently.
Based on a leading daily,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said, “A sequential pickup in economic activity was expected in the third quarter with the easing of lockdown measures and given the pent-up demand,”
She added, “However, the pace of recovery would have been dampened by the increase in the VAT rate.”
In reaction to the pandemic’s double blow and the oil market’s fall, the Kingdom tripled the value-added tax to 15% earlier this year.
On Tuesday, Gulf shares expanded their losses, ending the day higher for the second day in a row. Saudi and Abu Dhabi stocks both ended the day 0.5 percent higher, while Dubai’s main index rose 2%. Egypt’s EGX30 index rose 2.2 percent as well.
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