OPEC Oil Curbs Slash Saudi Economic Growth by More Than Half - Bloomberg:
Saudi Arabia’s economy is feeling the sting of oil output cuts just as it looks to extend the OPEC+ agreement at current production levels for the rest of this year and possibly beyond.
Gross domestic product expanded an annual 1.7% in the first quarter, the kingdom’s statistics authority said on Sunday, down from 3.6% in the previous three months. Growth in the oil sector stood at 1%, compared with 6% in the fourth quarter of 2018.
“The deceleration was expected with the OPEC production cut deal," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. She predicts a contraction in the oil sector from the second quarter onward.
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