Saudi economy contracts 4.2% in third quarter, improves from second quarter | Reuters
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when the economy was reeling from coronavirus-linked lockdowns.
The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% in the previous quarter, Saudi Arabia’s General Authority for Statistics said.
The “flash estimates” for quarterly gross domestic product did not have a breakdown on how the oil and non-oil sectors performed in the three-month period to the end of September.
The authority said the estimates came out at the end of the reference quarter, when information was still partial and subject to a high degree of approximation.
“A sequential pickup in economic activity was expected in the third quarter with the easing of lockdown measures and given the pent-up demand,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
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