Saudi Arabia's real gross domestic product (GDP) shrunk 3.7% in the fourth quarter, government data showed on Wednesday, marking a second consecutive quarter of contraction, as a decline in oil activities weighed.
The kingdom's GDP shrunk 4.4% in the third quarter of 2023, its first quarterly contraction since the COVID-19 pandemic, hurt by cuts to oil production and lower crude prices.
Saudi Arabia, the world's largest oil exporter, is pumping around 9 million barrels per day (bpd), well below its around 12 million bpd capacity after it cut production as part of an agreement with OPEC and other oil producers.
No comments:
Post a Comment