Saudi Arabia covid-19 economy Government Saudi Arabia

Saudi economy grew 2.8% in fourth quarter as Covid impact eased

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Saudi Arabia’s economy grew 2.8% in the fourth quarter of 2020 compared to the previous three months, spurred by a decline in Covid-19 cases and the easing of restrictions.The largest Arab economy shrank 4.1% last year, flash estimates from the General Authority for Statistics showed Wednesday, the sharpest contraction in more than three decades.

The figures are in line with estimates from the International Monetary Fund. Gross domestic product contracted 3.8% in the fourth quarter compared with the same period the previous year.Like other Gulf oil producers, Saudi Arabia was hit hard last year as a drop in crude prices decimated government revenue while measures to stop the spread of the coronavirus limited economic activity.

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