Saudi Arabia’s Q1 GDP falls 1.8 per cent as oil sector weighs

Saudi Arabia’s real gross domestic product (GDP) decreased 1.8 per cent year-on-year in the first quarter, flash estimates by the government’s statistical authority showed on Wednesday, as a decline in oil activities continued to hurt overall growth.

The kingdom’s GDP had shrunk 3.7 per cent in the fourth quarter of 2023, as cuts to oil production and lower crude prices weighed on the economy.

Saudi Arabia, the world’s largest oil exporter, is pumping around 9 million barrels per day (bpd)...