The Governor of the Saudi Central Bank (SAMA), Fahad Almubarak, expected the recovery to continue to grow with the expansion in giving vaccines against “Covid-19”, in addition to easing precautionary measures in the Kingdom and the rest of the world, which will positively affect global demand for oil, and on the movement of travel and tourism, and other activities.
Almubarak pointed out that the Saudi economy has witnessed a remarkable improvement after the recession of the Corona pandemic crisis, especially after the opening of economic activities, supported by the growth of the non-oil sector in general, and the private sector in particular.
The Governor of the Central Bank indicated that the results of the first quarter of 2021 reflect the speed of recovery in the economy, as the real non-oil output recorded a growth of 2.9 percent. The private sector also recorded a growth of 4.4 percent. Private final consumer spending witnessed an increase of 1.3 percent, in addition to an improvement in the unemployment rate among Saudis, reaching 11.7 percent, compared to 12.6 percent during the fourth quarter of 2020.
Source (Asharq Al-Awsat Newspaper, Edited)
