#Saudi unemployment spikes as virus-hit economy shrinks by 7% in second-quarter | Reuters

Saudi unemployment spikes as virus-hit economy shrinks by 7% in second-quarter | Reuters:

Saudi Arabia’s economy shrank by 7% in the second quarter, a sign of how deeply the new coronavirus hit both the oil and non-oil sectors, while unemployment hit a record high of 15.4%, official data showed on Wednesday.

The world’s largest oil exporter is facing a deep recession after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic activity.

“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.

The Saudi unemployment rate was “largely impacted by the effects of the COVID-19 pandemic on the Saudi economy,” it said.