Canada economy likely to stall after Saudi Arabia takes strong measures

The statement issued by the Saudi Ministry of Foreign Affairs early Monday.

Okaz/Saudi Gazette

– Canada is on the verge of economic standstill following the Kingdom’s freezing of all new commercial deals and investments. This swift Saudi action, it cannot ignore, as it is likely to have a major impact.

Economists expect Canada to falter in exporting products worth SR4.04 billion, especially automobiles, spare parts, machinery tools, equipment, electrical equipment and machinery, pharmaceutical products and raw minerals.

According to a report issued by the General Authority for Statistics (Gastat), which Okaz went through, the largest portion of Canadian exports to the Kingdom was automobiles and their spare parts at a cost of SR1.55 billion.

These form 38.39 percent of the total exports.

They are followed by machinery and machinery tools worth SR610 million, comprising 15.12 percent of the exports.