The GDP of the Kingdom declined 1.7% YoY during the first quarter of the year.
This decline was influenced by the continued contraction of oil activities, which generally pressures growth in the country.
Details
Data from the General Authority for Statistics revealed the seasonally adjusted real GDP grew by 1.4%.
These figures were higher than the preliminary estimates in May, which showed a contraction of 1.8% in GDP and a quarterly growth of 1.3%.
So What
The decline in the first quarter marks the “third consecutive quarterly contraction” on a YoY basis for the “world’s largest crude oil exporter.”
The economy was hurt by oil production cuts and falling crude prices.
Some Context
Oil activities shrank 11.2%, while non-oil activities grew by 3.4% year-on-year.
Finally, government activities jumped 2%.
