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Saturday, 1 July 2017

Saudi Economy Shrinks, Showing Task Facing New Crown Prince - Bloomberg

Saudi Economy Shrinks, Showing Task Facing New Crown Prince - Bloomberg:

"Saudi Arabia’s economy shrank by 0.5 percent in the first quarter, illustrating the scale of the challenge facing the country’s new heir as he overhauls an economy still reliant on a struggling oil industry.

Gross domestic product was 643 billion riyals ($170 billion) compared with 646.4 billion riyals in the same quarter a year earlier, the General Authority for Statistics said in a report on its website on Friday, using preliminary data based on 2010 constant prices. The oil and gas sector shrank 2.4 percent. The economy expanded 10.1 percent at current prices."



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