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  • 28-08-21

    Saudi Arabia’s economy to expand faster for 2021

    (MENAFN) Jadwa Investment reported that as non-oil industries cary on their recovery from the pandemic, Saudi Arabia’s economy is going to increase faster than the estimation of the current year.

    Jadwa further declared that GDP will grow by 1.8 percent in 2021, a revision from a last prediction of 1.3 percent. Non-oil improvement is going to stand at 3.5 percent, led by the non-oil private sector that Jadwa witnesses incraesing 4.4 percent, in comparison to a last prediction of 3.1 percent.

    It also stated that “Whilst the rebound is no surprise, some sectors have performed better than anticipated.” The increase in the non-oil sector was due to the support of activities in real estate, manufacturing, wholesale and retail, and restaurants and hotels.

    Jadwa estimates oil sector GDP “being marginally down year-on-year, at -0.7 percent,” unchanged from its last outlook, regardless of the overall improvement in GDP.

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