Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Saudi Arabia's Q1 GDP shrinks estimated 1.7% y/y

Published 06/09/2024, 02:00 AM
Updated 06/09/2024, 02:15 AM
© Reuters.

DUBAI (Reuters) - Saudi Arabia's real gross domestic product (GDP) in the first quarter shrank 1.7% from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth.

© Reuters. FILE PHOTO: General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo

The kingdom's GDP shrank 3.7% in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices.

Oil activities were down 11.2% in the first quarter versus the previous year, estimates from the General Authority for Statistics showed, while non-oil GDP grew 3.4% year on year and government activities increased 2%.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.