#Saudi economy contracts 0.46% in third quarter as oil output slumps - Reuters

Saudi economy contracts 0.46% in third quarter as oil output slumps - Reuters:

Saudi Arabia’s economy contracted by 0.46% in the third quarter from a year earlier, hit by a drop in oil output as the de facto leader of the Organisation of Petroleum Exporting Countries (OPEC) cut production, government data showed on Tuesday.

Oil sector output declined 6.43%, but non-oil output grew 4.33%, led by private sector activity, the data from the top world crude exporter’s General Authority of Statistics said.

On a seasonally adjusted basis, the economy contracted by 0.19% in the third quarter on a quarterly basis.

The data came after the Saudi government in its budget cut its forecast for economic growth to 0.4% in 2019 from 0.9%, with growth hit by lower oil prices and crude production cuts agreed by OPEC nations and producers outside the exporting group.