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DUBAI: Saudi consumers are helping to fuel a recovery in the Kingdom’s economic fortunes, according to a new report from Bloomberg. Higher spending is pushing the non-oil sector of the economy back to pre-pandemic levels, according to Ziad Daoud, chief emerging markets economist for the information and media group. Added to other economic data, the figures suggest that non-oil GDP growth ended 2020 at zero, representing a big recovery in the second half after one of the largest contractions ever in the second quarter 8 percent down. “Saudi Arabia’s non-oil activity plunged sharply in the second quarter of last year, as the COVID-19 outbreak paralyzed the economy, before rebounding in the second half. Was the recovery strong enough to return non-oil GDP to its pre-virus peak? Monthly gauges suggest yes, or at least very close to it,” Daoud said.

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