Saudi economy contracts for third quarter in a row

Saudi economy contracts for third quarter in a row

Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show.  GDP was in negative territory for the third quarter in a row, although it eased from the 4.3 percent contraction in […]

Saudi economy down 1.8% Q1

10.6% decline in oil activities

IMF reduced outlook

Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show. 

GDP was in negative territory for the third quarter in a row, although it eased from the 4.3 percent contraction in the fourth quarter of 2023 and 3.2 percent in the third quarter. 

“This decrease was primarily driven by a 10.6 percent decline in oil activities,” the General Authority for Statistics said in its latest report. 

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Saudi Arabia has implemented oil output cuts over the past year in an effort to push up global oil prices. The policy caused an economic contraction of 0.8 percent over 2023, but the government says the non-oil economy rose to