Saudi Private Sector Shrinks as Covid-19 Recovery Wobbles
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Saudi Arabia’s private-sector recovery from the impact of the coronavirus faltered in the second quarter, even as rising oil production helped boost the overall size of the economy.
The private sector accounted for 48% of economic output, compared to nearly 52% in the previous three-month period, a statement from the General Authority for Statistics showed on Monday. Business activity in Saudi Arabia’s non-oil private sector had slowed last month, according to IHS Markit’s Purchasing Managers’ Index.