The Saudi economy contracted at a more slow pace in the third quarter of this year, by 4.6 percent, after the government relaxed some restrictions against the Corona virus, the economy contracted by 7 percent during the second quarter of this year. On the other hand, the oil sector, affected by the pandemic, continued to put pressure on the economy in general, and the non-oil sector also witnessed a decline.
Saudi Finance Minister Muhammad Al-Jadaan said in his speech during the forum that economic activity in the Kingdom returned strongly in the third and fourth quarters.
He added that the expenditures were redirected to focus on the priority of health of citizens and residents, noting at the same time that Saudi Arabia supported the private sector to preserve Saudi jobs.
Saudi Arabia faces the worst economic downturn in decades after the Covid-19 pandemic disrupted global oil demand and measures to contain the pandemic hurt other sectors.
Saudi Arabia has said that it expects the economy to contract by 3.7% this year, but that it will return to growth of 3.2% next year.
Source (Arabic cnbc site, Edited)
