July 18, 2020 / 5:17 PM / 18 days ago

Saudi economy likely worse in second quarter despite June improvement - central bank governor

FILE PHOTO: Saudi Arabia's central bank governor Ahmed al-Kholifey speaks at the meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia, February 22, 2020. REUTERS/Ahmed Yosri/File Photo

RIYADH/DUBAI (Reuters) - Saudi Arabia’s economy likely deteriorated more in the second quarter than in the first three months of the year, the Saudi central bank governor said on Saturday.

Speaking at the end of a virtual meeting of G20 finance officials, Ahmed al-Kholifey said he did not expect the Saudi economy to have improved in the second quarter despite a pickup in June.

Saudi Arabia’s economy shrank by 1% in the first quarter, as the coronavirus crisis and lower oil prices took their toll.

Reporting by Marwa Rashad, Davide Barbuscia; Editing by Hugh Lawson

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