Riyadh, June 9 (EFECOM).- The GDP of Saudi Arabia, which normally depends on crude oil exports, contracted 1.7% in the first quarter of the year compared to the same period in 2023, to just over 270,000. million dollars, the official Saudi statistics agency reported this Sunday.
In a statement, the agency noted that oil activities registered a drop of 11.2%, apparently due to the production cuts that the kingdom has been applying since the middle of last year.
He highlighted that the kingdom’s non-oil activities grew by 3.4% annually, particularly wholesale and retail, restaurants and hotels (5.9 on a quarterly basis).
“Real GDP has registered a reduction of 1.7% during the first quarter of the year compared to the same period in 2023,” the agency said.
In his note, he stressed that “GDP at current prices reached 1,016 trillion rials (about $270.9 billion) in the first quarter of 2024,” and that “oil and natural gas activities contribute to GDP with a 23.4%, followed by government companies with a rate of 15.8%.”
Saudi Arabia, the largest oil producer in OPEC and which has around 17% of the world’s crude oil reserves, has announced several cuts in its production voluntarily and within the framework of the so-called OPEC+ in an attempt to raise crude oil prices. EFECOM
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