Saudi Arabia's Economy Shrinks Most Since Covid as Oil Cuts Bite
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Saudi Arabia's economy contracted 4.5% in Q3 2023, the largest drop since the Covid pandemic in 2020, due to oil production cuts.
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The oil sector shrunk 17.3% in Q3, the most on record since 2011, as output was cut to 9 million barrels per day.
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Cuts were aimed at shoring up global oil prices amid slowing demand, but are forecast to remain until end of 2023.
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IMF predicts just 0.8% GDP growth for Saudi in 2023, down from 8.7% last year.
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Unlike other Gulf states, UAE's economy still grew 3.7% in H1 2022 thanks to non-oil sector growth.