Middle East
Saudi ArabiaSaudi economy shrinks due to decline in oil production
Saudi Arabia's GDP contracted by 3.8% year-on-year in the third quarter, primarily due to a 20.4% decline in oil activities.
Background
Saudi Arabia, a major global oil producer, has been implementing economic diversification plans to reduce its reliance on oil. These efforts are set against a backdrop of fluctuating global oil prices and regional geopolitical dynamics.
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Saudi economy shrinks amid decline in oil production
First report 6h agoLast update 2h ago1 takes 1
economic contraction due to oilneutralShow 2 posts
started 6h ago•Last update 2h ago
The Saudi economy is experiencing a significant shrinkage, largely attributed to a substantial decrease in oil production and activities.
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