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Saudi Arabia's Q3 GDP contracts by 4.5% YoY due to oil production cuts
Posted on November 3, 2023 |
In Q3, Saudi Arabia's economy contracted by 4.5% due to reduced oil production caused by planned cuts.
The previous year was exceptional for the country's economy, driven by high oil prices.
However, in Q3, oil-related activities dropped by 17.3%, negatively impacting the overall economy.
Meanwhile, other non-oil sectors grew by 3.6%, and government activities expanded by 1.9%.
To support the global oil market, Saudi Arabia opted to continue its voluntary oil production cut of 1 million barrels per day until the year's end.
Forecasts predict that non-oil industries will experience around 6% growth in 2023.
The government plans to increase spending in the upcoming years to stimulate local demand and bolster non-oil economic growth.