Bloomberg: Saudi Arabia’s Non-Oil Economic Activity Recovers 3.2 Percent in Q3

Bloomberg: Saudi Arabia’s Non-Oil Economic Activity Recovers 3.2 Percent in Q3

The recovery closed almost half the drop of 7.6% below the pre-virus peak as the double shock of the pandemic and oil-price decline hit the economy, the report added.

Bloomberg Intelligence expects Saudi Arabia's economy to contract by 4.1% this year, a projection that is more optimistic than both the International Monetary Fund (-5.4%) and the consensus forecast from a Bloomberg News survey (-4.8%)

The rebound in 3Q was the easy part of the recovery -- a direct response to the relaxation of lockdown measures. Google mobility data has flat lined in 4Q, if this persists then the non-oil economy is set to contract 2.8% this year.

There are factors that could result in a faster recovery. Restrictions on movement have continued to ease, including religious pilgrimage, the report said, noting that mobility