Saudi Arabia's economy contracts once more, dragged by oil cuts

Riyadh, Saudi Arabia.

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Saudi Arabia’s fourth-quarter actual GDP fell 3.7% year-on-year, based on flash estimates printed by the General Authority for Statistics on Wednesday.

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

The drop was attributed to a 16.4% decline in oil actions, whereas non-oil actions and authorities actions expanded by 4.3% and three.1%, respectively, year-on-year.

For the total yr, Saudi Arabia’s economy shrank 0.9%, based on authorities information.

Throughout final yr, the world’s largest crude exporter has been implementing output cuts in a bid to push up costs. Saudi Arabia has additionally been shouldering the majority of further voluntary crude manufacturing cuts agreed to by some members of the Organization of the Petroleum Exporting Countries and its allies.

The kingdom’s economy is closely reliant on its petroleum sector, which accounts for 42% of its GDP.

This is breaking information. Check again for updates.

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