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.
Business in the world’s largest crude exporter is gradually returning to normal after the twin crisis caused by oil market turmoil and coronavirus-related lockdowns.
