Saudi Arabia economy shrinks 4.6% after oil sector hits snag

Saudi Arabia’s economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions but the pandemic-hit oil sector continued to weigh on the broader economy, official data showed on Thursday.

The economy shrank 4.6% in the third quarter, rebounding slightly from the 7% slump in the previous quarter but marked by declines in both the oil and non-oil sectors, the data showed.

Saudi Arabia is facing its worst economic decline in decades after the Covid-19 pandemic curbed global crude demand and measures to contain it also hurt other sectors.