20-April-2024
Economy News
 
Saudi non-oil economy grows for first time since Covid-19 pandemic
11-May-2021

Saudi Arabia’s non-oil economy — the engine of job creation — grew in the first quarter for the first time since the pandemic hit, even as the overall economy was dragged into contraction by oil production cuts. The non-oil sector grew 3.3 per cent from a year earlier, according to preliminary estimates released on Monday by the kingdom’s General Authority for Statistics. The oil sector shrank 12 per cent, the most in at least a decade according to data compiled by Bloomberg, leading the overall economy to contract 3.3 per cent. Final figures are scheduled to be released in June.

News Source:- https://www.business-standard.com/article/international/saudi-non-oil-economy-grows-for-first-time-since-covid-19-pandemic-121051100048_1.html