Saudi Arabia's GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers

DUBAI: Saudi Arabia's economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to flash government estimates on Monday.

The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3% in the first quarter.

Overall GDP was hurt by a 12% decline in ongoing crude oil production cuts agreed by OPEC and other oil producers since May 2020, it said.

Source: https://www.zawya.com/mena/en/economy/story/Saudi_Arabias_GDP_contracts_33_in_Q1_on_oil_output_nonoil_economy_recovers-TR20210510nB8N2JN00DX2/

 

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