Saudi Arabia’s financial system expanded 7% in Q3

Saudi Arabia’s financial system grew 7% within the third quarter from a 12 months earlier, official knowledge confirmed on Tuesday.

The growth was barely larger than official estimates of a 6.8% annual progress in the course of the interval.

Quarter-on-quarter, the financial system of the world’s greatest oil exporter grew by 5.7%, the Basic Authority for Statistics stated.

“Financial progress was primarily pushed by oil actions, which elevated by 9.3% year-on-year”, whereas the non-oil financial system expanded by 6.3% 12 months on 12 months, it added.

The biggest Arab financial system was hit laborious final 12 months by the dual shocks of the COVID-19 pandemic and record-low oil costs, nevertheless it rebounded this 12 months amid easing coronavirus restrictions, increased oil costs and manufacturing hikes.

Riyadh stated on Sunday it anticipated the financial system to develop 2.9% this 12 months and seven.4% subsequent 12 months.

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