“The numbers suggest that the non-oil economy has already fully recovered from the adverse impact of the pandemic in Q2 2020, despite lingering Covid-related restrictions on internal mobility and international travel.”
–Farouk Soussa, Middle East and North Africa economist at Goldman Sachs Group Inc., commenting on recent data from Saudi Arabia’s General Authority for Statistics showing the non-oil sector grew by 3.3% in Q1 2021 while the broader economy shrank 3.3% due to reduced oil revenues. [Yahoo via Bloomberg]
