Saudi Arabia: Economy shrinks amid oil output cuts, but kingdom wins World Cup

Risk Management Reports
Issue 1180 - 10 Nov 2023 | 3 minute read

Risk Grade B2

Economic slump: The economy shrank by 4.5% year on year in Q3 2023, a sharp change from the 1.2% expansion reported in Q2 23. It was the first decline in real GDP since the start of Q1 21 and was entirely due to a slump in the oil and gas sector, where activity contracted by 17.3% yr/yr due to voluntary production cuts.

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