Saudi Arabia covid-19 pandemic economy Coronavirus Saudi Arabia

Saudi economy shrank by 7% in Q2 showing depth of Covid-19 hit

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economy shrank by 7% in the second quarter, a sign of how deeply the new coronavirus hit both the oil and non-oil sectors, official data showed on Wednesday.The world’s largest oil exporter is facing its worst ever economic decline after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic demand."The private sector and the government sector recorded a negative growth rate of 10.1% and 3.5%, respectively," said the General Authority for Statistics.In the first quarter, Saudi Arabia posted a 1% economic contraction, as that only captured part of the oil price collapse and the pandemic impact, which escalated in March.The non-oil sector, which is the focus of Saudi reforms aimed at.

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