Saudi Arabia records 37% lower savings in 9 months

Kingdom's total savings have accounted for 24.98% of the gross domestic product (GDP) in the January-September period

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – Mubasher: Saudi Arabia's total savings plunged by 36.6% year-on-year (YoY) to SAR 481.62 billion during the first nine months of 2020, compared to SAR 759.84 billion in the same period of 2019.

The Kingdom's total savings have accounted for 24.98% of the gross domestic product (GDP) in the January-September period in 2020, compared to 34.48% in the corresponding period of 2019.

Saudi Arabia's GDP at current prices recorded SAR 1.93 trillion in the first nine months of 2020, down from SAR 2.2 trillion in the year-ago period.

During the third quarter (Q3) of 2020, Saudi Arabia's total savings decreased by 35.12% to SAR 161.23 billion from SAR 248.51 billion in the same quarter of the earlier year.

The total savings to GDP ratio stood at 24.13% in Q3-20, versus 33.34% for the corresponding period in 2019.

Saudi Arabia registered SAR 668.1 billion in GDP at current prices in Q3-20, compared to SAR 745.37 billion in the corresponding quarter of 2019.

It is noteworthy to mention that in Q3-20, Saudi Arabia's GDP at constant prices declined by 4.6% to SAR 621.43 billion from SAR 651.39 billion in the corresponding period of 2019.

Source: Mubasher

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