Saudi Arabia outperforms most G20 economies in Q2 despite COVID-19, low oil prices

Source: Argaam

Most G20 economies witnessed a severe decline in economic growth during the first half of 2020, hurt by COVID-19.

Besides the pandemic, Saudi Arabia faced a major crisis represented in low oil prices during the second quarter of 2020.

However, the Saudi economic growth slew by 7% in Q2 2020, which is the lowest among the G20 countries.

Saudi oil exports retreated by around 61.8% year-on-year (YoY) to reach SAR 74.8 billion in Q2 2020.

The Kingdom ranked fifth among the G20 countries, while China came first, as it was the only G20 country to record an increase in gross domestic product (GDP) by 3.2%, the data of the Organization for Economic Cooperation and Development (OECD) showed.

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