The financial system shrank 4.6% within the third quarter, rebounding barely from the 7% droop within the earlier quarter however marked by declines in each the oil and non-oil sectors, the info confirmed.
Saudi Arabia is going through its worst financial decline in many years after the COVID-19 pandemic curbed international crude demand and measures to comprise it additionally harm different sectors.
The world’s largest oil exporter mentioned on Tuesday it expects the financial system to shrink by 3.7% this yr however to swing again to development of three.2% subsequent yr.
“This unfavorable development originated primarily from the contraction within the oil sector by 8.2% and a unfavorable development charge of two.1% recorded within the non-oil sector,” the Common Authority for Statistics mentioned on Thursday in regards to the third quarter information.
The non-public sector, the primary focus in Crown Prince Mohammed bin Salman’s plans to diversify the financial system away from oil, shrank by 3.1%, whereas the federal government sector grew by 0.5%.
