Riyadh revises GDP but pins hopes on non-oil activity

Riyadh revises GDP but pins hopes on non-oil activity

Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year.  Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […]

GDP down 0.8% in 2023

Crude prices tipped to keep falling

Non-oil activity rose by 4.4%

Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent.

Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. 

Oil activities decreased by 9 percent in 2023, while non-oil activities increased by 4.4 percent, the government’s General Authority for Statistics said on March 10.

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The official figures, revised since January, said GDP in the fourth quarter of 2023 was down by 4.3 percent year on year, in contrast to the previous estimate of 0.4 percent growth. This was offset by another revision to the figure for the first quarter, which now stands at 3.2 percent growth.

Saudi Arabia introduced oil production cuts in 2023, in