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Saudi finance minister says non-oil sector grows with economy gradually recovering from pandemic

RIYADH: The Saudi economy is witnessing a gradual recovery since mid-2020, reflected in the positive growth rates of the non-oil sector, Minister of Finance Mohammed Al-Jadaan said at the Financial Stability Conference on Thursday.

The real non-oil sector growth amounted to 8.4 percent in the second quarter of 2021, led by the private sector, which recorded a growth rate of 11.1 percent, Al-Jadaan said.

Preliminary estimates for the third quarter of this year show that the real private non-oil GDP grew by 6.2 percent, he said. This led to promising results in the public finance performance, he added. 

Al-Jadaan indicated that parts of the Saudi economy have also crossed the pre-pandemic stage, especially with regard to levels of consumption and private investment, which are now much higher than they were before the Covid-19 outbreak.

He added that those sectors related to travel…

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