Saudi Arabian inflation rose to 3.4% in 2020, lifted by the tripling of value-added tax last year as the kingdom sought to boost state revenues hit by the coronavirus crisis and lower oil prices, government data showed.
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Inflation spiked in the second half of last year due to the VAT hike to 15%.
The world’s largest oil exporter’s economy contracted sharply last year, but data suggests the rate of decline slowed in the third quarter data as some COVID-19 restrictions were lifted.
Business surveys in recent months showed a rebound in economic activity, partly due to pent up consumer demand, although economists have said the VAT hike has weighed on the pace of recovery.
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