The Saudi economy recovered in 2021 after a tough year of pandemic restrictions as vaccination campaigns rolled out in the Kingdom and across the world driving its key oil exports.
MENA’s largest economy bounced back from last year, when the Kingdom’s gross domestic product contracted by 4.1 percent, according to the International Monetary Fund.
But this year saw higher oil output, its first quarterly budget surplus in over two years and lower unemployment drove growth.
Some economic data in 2021 even bettered pre-pandemic levels, although the full effect of the latest omicron variant is yet to be played out.
MENA’s largest economy bounced back from last year, when the Kingdom’s gross domestic product contracted by 4.1 percent, according to the International Monetary Fund.
But this year saw higher oil output, its first quarterly budget surplus in over two years and lower unemployment drove growth.
Some economic data in 2021 even bettered pre-pandemic levels, although the full effect of the latest omicron variant is yet to be played out.
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