Saudi Arabia’s economy has jolted into reverse gear, after the world’s largest crude oil producer slashed output to prop up prices.
Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Saudi gross domestic product, the broadest measure of its economy, shrunk 4.5% year-over-year in the third quarter of 2023, the country’s official statistics agency said this week. That’s the largest contraction since the Covid-19 pandemic in 2020. The slump would have been even greater if not for growth of 3.6% in non-oil activities.
“We expect production to remain low until the end of this year, with a slow unwind in early 2024,” Oxford Economics analysts wrote in a note published Friday. The International Monetary Fund predicts the kingdom’s GDP will grow just 0.8% for all of 2023, down from 8.7% last year. Saudi Arabia’s oil cuts were aimed at stabilizing global oil markets, according to Raif Weigert, Economics Director for the Middle East and North Africa at S&P Global Market Intelligence.
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