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.
