Saudi Arabia's economy shrinks*for fifth consecutive quarter

[المستشار الصحفى]

Saudi Arabia's economy has shrunk for the fifth consecutive financial quarter,*estimates*published*yesterday*by the General Authority for Statistics*show. In the third quarter of 2020, which ran from 1 July to 30 September, the Kingdom's Gross Domestic Product (GDP) contracted by 4.2 per cent. It is second largest depreciation recorded by the General Authority in the last three years, behind the seven per cent contraction in the second quarter of 2020. The figures mark the fifth consecutive quarter the Saudi economy has shrunk,*in part due to the oil market slump and the coronavirus pandemic,*Al Jazeera*reported. On Monday, the kingdom's outlook was revised from stable to negative by Fitch Ratings,*though the sovereign retained the 'A' rating – the sixth highest rating awarded by the […]

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