The Saudi economy shrank 1.7% in the first quarter, by about $270 billion

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The Saudi economy shrank 1.7% in the first quarter, by about 0 billion

Riyadh, June 9 (EFE).- Saudi Arabia’s economy, which usually relies on crude oil exports, shrank by 1.7% in the first quarter of the year compared to the same period in 2023, amounting to more than 270,000 million dollars, the statistics agency reported this Sunday.

In a statement, the company noted that oil operations recorded an 11.2% year-on-year decline, apparently due to production cuts implemented by the kingdom since the middle of last year.

He highlighted that the kingdom’s non-oil activities grew by 3.4% annually, especially wholesale and retail sales, restaurants and hotels (5.9% on a quarterly basis).

“Real GDP recorded a 1.7% contraction in the first quarter of the year compared to the same period in 2023,” the agency said.

In his note, he said, “GDP at current prices will reach 1,016 trillion riyals (about $270.9 billion) in the first quarter of 2024,” adding that “oil and natural gas activities contribute 23.4% to GDP, followed by government enterprises at 15.8%.”

OPEC’s largest oil producer, Saudi Arabia, which accounts for about 17% of the world’s crude oil reserves, has announced several cuts in its production both voluntarily and within the so-called OPEC+ framework in an effort to prop up crude prices. EFE

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