Saudi Arabia’s economy contracts again, dragged by oil cuts


Riyadh, Saudi Arabia.
Xavierarnau | E+ | Getty Images

Saudi Arabia’s fourth-quarter real GDP fell 3.7% year-on-year, according to flash estimates published by the General Authority for Statistics on Wednesday.

That’s a smaller drop than the 4.4% year-on-year slide in the third quarter.

The drop was attributed to a 16.4% decline in oil activities, while non-oil activities and government activities expanded by 4.3% and 3.1%, respectively, year-on-year.

For the full year, the kingdom’s economy shrank 0.9%, according to government data.

This is breaking news. Check back for updates.

Articles You May Like

‘Our old way of life will be gone forever’: The tenant farmers targeted by solar developers
VW Scirocco set for revival as a stylish EV sports car with Porsche Boxster features
SolarEdge tumbles on weak first-quarter guidance
British police take control of notorious cybercrime gang Lockbit’s website
Speaker clinging on to job as some MPs sign no-confidence motion after Commons Gaza vote row