Saudi Arabia’s economy contracted for a fifth straight quarter but the slump eased, according to estimates released on Tuesday by the statistics authority. Gross domestic product shrank 4.2%, still battered by oil market turmoil and the coronavirus pandemic, but less so than in the second quarter, when output contracted 7%.
On the Mend?
Saudi economy shrank at slower pace last quarter
Source: Bloomberg
On a quarterly basis, gross domestic product grew a seasonally adjusted 1.2%, versus 0.9% growth a year ago. This is the first time Saudi Arabia has published growth estimates so quickly, as part of an effort “to provide more timely information on the Saudi economy to decision makers,” the authority said.