Saudi economy shrank by 7% in Q2 as coronavirus hit

Saudi economy shrank by 7% in Q2 as coronavirus hit

Picture used for illustrative purpose. File



Saudi Arabia's economy shrank by 7% in the second quarter, a sign of how deeply the new coronavirus hit both the oil and non-oil sectors, official data showed on Wednesday.

The world's largest oil exporter is facing a deep recession after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic activity.

"The private sector and the government sector recorded a negative growth rate of 10.1% and