Saudi Arabia's economy grows 1.66% in first quarter - Reuters:
Saudi Arabia’s economy grew 1.66% in the first quarter, in line with expectations of a modest pick up as oil production cuts weigh on the world’s top crude exporter.
The Saudi oil sector grew 1% in the first quarter, government data showed on Sunday. This was almost twice the rate reached in the same period a year ago but a massive slowdown from the previous quarter, when the oil sector grew by almost 6% year-on-year.
The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed in December to slash oil production by more than the market had expected.
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