Saudi Arabia economic system grew by 3.9% in comparison with Q1 final 12 months boosted by non-oil actions

Authorities companies actions grew by 4.9 per cent, it mentioned.

Nonetheless progress slowed in comparison with the fourth quarter of 2022, when GDP grew 5.5 per cent year-on-year.Seasonally adjusted actual GDP decreased by 1.3 per cent within the first quarter of this 12 months, in contrast with the earlier quarter on account of a decline in oil actions by 4.8 per cent, the report mentioned.

The IMF says the Saudi economic system grew 8.7 per cent final 12 months, however initiatives that Saudi GDP progress will greater than halve to three.1 per cent, this 12 months.

Saudi Arabia final month mentioned it could lower oil output by 500,000 barrels per day from Might, a part of additional cuts by OPEC+ oil producers of round 1.16 million bpd.