World Bank: Saudi Arabia's non-oil sectors are recovering significantly from the pandemic

 The Saudi economy showed signs of a significant recovery from the repercussions of the Corona pandemic in the first half of this year 2021.

According to Al-Eqtisadiah newspaper, today, Sunday, Issam Abu Suleiman, Regional Director of the Gulf Cooperation Council, the Middle East and North Africa at the World Bank, said: "The non-oil sectors recorded signs of a better recovery than expected with the easing of precautionary measures."

He added that this recovery supported domestic demand, with a seasonal growth rate of 4.9% and -0.5% in the first and second quarters, respectively.

He pointed out that the oil sector recovered some of its losses during the second quarter of 2021 against the backdrop of a voluntary cut in oil production by one million barrels per day, which lasted from February to April.

He pointed out that the recovery process will continue with a growth rate of 2.4 percent in 2021 and 4.9 percent in 2022.

The oil sector is expected to grow by -0.3% in 2021, following the agreed “OPEC +” path of production levels until next December, and to jump significantly in 2022 with the end of the “OPEC +” production cut agreement as announced.

Abu Suleiman said, "As the vaccination program gains additional momentum and restrictions related to the coronavirus are eased, the non-oil sectors will continue their growth trajectory, which is estimated to reach 4% in 2021 and 3.3% in 2022."

And Saudi Arabia began easing restrictions related to confronting the “Corona” virus and approaching the start of returning to normal life, after vaccinating more than half of the population with two doses.

The doses of the "Corona" vaccine given in the Kingdom since the start of vaccination exceeded 43 million doses that have been administered so far through more than 587 vaccination sites in all regions of the Kingdom.

The number of those who received the vaccination with a single dose reached more than 23 million and 800 thousand people in the Kingdom’s population, and their percentage reached 67%, while the number of those who received the two doses reached more than 20 million people, their percentage of more than 56%.