KINGDOM OF COVID
The COVID-19 pandemic coincided with a significant drop in the global prices of crude oil which more than halved in its market value from the start of the year. In the Kingdom of Saudi Arabia, the oil and gas sector accounts for about 50 percent of the gross domestic product (GDP), and about 70 percent of all export earnings. Individual incomes connected to the energy sector have experienced massive drops in
the KSA. Low oil prices compound the negative demand and supply shock of COVID-19, and has resulted in a double-digit expected fall of nominal GDP, and forecasts of over 5% fall in real GDP, with both oil and non-oil sectors reporting contractions after the first half of 2020.
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