Coronavirus affected the oil sector to a great extent. Saudi Arabia also has to face its heat. The country 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 nation's economy shrank more slowly in the third quarter as the government eased some covid-19 restrictions but the pandemic-hit oil sector continued to weigh on the broader economy.
According to the official data, 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 General Authority for Statistics said on Thursday about the third quarter data, said, " 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,”
Saudi Arabia on Tuesday said that it expects the economy to shrink by 3.7% this year but to swing back to the growth of 3.2% next year.
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