Saudi Arabia's Economy Shrinks in Q3 on Oil Production Cuts, Non-Oil Sectors Show Growth
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Saudi Arabia's real GDP contracted 4.5% in Q3, weighed down by sharp fall in oil activity amid production cuts.
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Oil activities decreased 17.3% from a year ago.
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Non-oil growth was 3.6% and government activities expanded 1.9%.
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Overall GDP expected to contract 0.8% in 2023 due to lower oil output.
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Saudi Arabia midway through economic reform plan Vision 2030 to boost private sector and non-oil growth.