Saudi economy starts to recover, set to accelerate as oil output rises | Reuters

Saudi economy starts to recover, set to accelerate as oil output rises | Reuters:

Saudi Arabia’s economy began to recover in the first quarter of 2018 after shrinking for the first time in eight years during 2017, official data showed on Sunday, and the recovery looks set to accelerate in coming months with a rise in oil production. Gross domestic product, adjusted for inflation, grew 1.2 percent from a year earlier in the first three months of 2018, the government’s statistics agency said. GDP had dropped from a year earlier in every quarter of 2017 as a global price-supporting agreement among oil exporting countries caused Saudi Arabia to cut back its crude output. For the whole of 2017, GDP shrank 0.7 percent.