DUBAI – Saudi Arabia’s real gross domestic product (GDP) shrunk 3.7% in the fourth quarter, government data showed on Wednesday, a second consecutive quarter of contraction, as a decline in oil activities weighed on overall growth.
The kingdom’s economy contracted 0.9% in 2023, flash estimates from the General Authority for Statistics showed, pulled lower by the oil sector while non-oil activities grew 4.6% last year.
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