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Saudi Arabia economy grew 3.9% in Q1 boosted by non-oil activities

Published 05/07/2023, 02:09 AM
Updated 05/07/2023, 03:05 AM
© Reuters. FILE PHOTO: Clouds move over the Riyadh skyline November 17, 2013. Picture taken November 17, 2013. REUTERS/Faisal Al Nasser

DUBAI (Reuters) -Saudi Arabia's economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday.

Non-oil activities grew by 5.8% in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by 1.3%. Government services activities grew by 4.9%, it said.

However growth slowed compared to the fourth quarter of 2022, when GDP grew 5.5% year-on-year.

Seasonally adjusted real GDP decreased by 1.3% in the first quarter of this year, compared with the previous quarter as a result of a decline in oil activities by 4.8%, the report said.

The IMF says the Saudi economy grew 8.7% last year, but projects that Saudi GDP growth will more than halve to 3.1%, this year.

Saudi Arabia last month said it would cut oil output by 500,000 barrels per day from May, part of further cuts by OPEC+ oil producers of around 1.16 million bpd.

Latest comments

Wealth shift... A criminal cabal, that consist of contract hit squads, secret meetings to price fix a global commodity. Bin Salman has been elevated and emboldened by a pathetically weak west, this thug is manipulating the price of a global commodity; unchecked. Since none of the Saudi GDP is transparent, there is no way to verify that "5.8% non-oil activity" is just smoke and mirrors, as there is no transparent method to quantify their oil output... cutting with one hand, and the spigots are cranked wide open with the other.
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