ANL 13.16 Increased By ▲ 0.01 (0.08%)
ASC 15.20 Increased By ▲ 0.10 (0.66%)
ASL 15.52 Decreased By ▼ -0.13 (-0.83%)
AVN 107.50 Increased By ▲ 0.02 (0.02%)
BOP 8.37 Decreased By ▼ -0.03 (-0.36%)
CNERGY 6.08 Decreased By ▼ -0.13 (-2.09%)
FFL 9.04 Increased By ▲ 0.03 (0.33%)
FNEL 8.55 Decreased By ▼ -0.05 (-0.58%)
GGGL 13.36 Increased By ▲ 0.46 (3.57%)
GGL 20.31 Increased By ▲ 0.53 (2.68%)
GTECH 9.36 Increased By ▲ 0.29 (3.2%)
HUMNL 7.14 Increased By ▲ 0.34 (5%)
KEL 3.12 Increased By ▲ 0.01 (0.32%)
KOSM 4.48 Increased By ▲ 0.33 (7.95%)
MLCF 34.54 Increased By ▲ 0.39 (1.14%)
PACE 4.09 Increased By ▲ 0.11 (2.76%)
PIBTL 7.16 Increased By ▲ 0.01 (0.14%)
PRL 14.10 Decreased By ▼ -0.22 (-1.54%)
PTC 8.60 Decreased By ▼ -0.13 (-1.49%)
SILK 1.32 Decreased By ▼ -0.02 (-1.49%)
SNGP 33.80 Decreased By ▼ -0.30 (-0.88%)
TELE 17.45 Decreased By ▼ -0.05 (-0.29%)
TPL 12.22 Decreased By ▼ -0.03 (-0.24%)
TPLP 27.34 Decreased By ▼ -0.56 (-2.01%)
TREET 38.50 Decreased By ▼ -0.50 (-1.28%)
TRG 84.98 Increased By ▲ 0.98 (1.17%)
UNITY 29.15 Increased By ▲ 1.41 (5.08%)
WAVES 15.60 Decreased By ▼ -0.07 (-0.45%)
WTL 2.22 Increased By ▲ 0.06 (2.78%)
YOUW 7.76 Increased By ▲ 0.42 (5.72%)
BR100 4,623 Increased By 5.5 (0.12%)
BR30 17,917 Increased By 191.5 (1.08%)
KSE100 45,078 Decreased By -5.1 (-0.01%)
KSE30 17,793 Decreased By -35.1 (-0.2%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,192
3024hr
Pakistan Cases
1,402,070
8,18324hr
Sindh
535,965
Punjab
471,925
Balochistan
34,187
Islamabad
123,648
KPK
189,300
Business & Finance

Saudi economy shrinks 4.6% in Q3 as oil sector takes a hit

  • The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.
17 Dec, 2020

DUBAI: 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.

The world's largest oil exporter said on Tuesday it expects the economy to shrink by 3.7% this year but to swing back to growth of 3.2% next year.

"This negative growth originated mainly from the contraction in the oil sector by 8.2% and a negative growth rate of 2.1% recorded in the non-oil sector," the General Authority for Statistics said on Thursday about the third quarter data.

The private sector, the main focus in Crown Prince Mohammed bin Salman's plans to diversify the economy away from oil, shrank by 3.1%, while the government sector grew by 0.5%.

Comments

Comments are closed.