Saudi Economy Shrinks Most Since 2020 as Oil Production Cuts Bite
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Saudi Arabia's economy shrank 4.5% in Q3 2022, the biggest contraction since 2020, due to oil production cuts.
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The oil sector shrank 17% while non-oil growth slowed to 3.6%.
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Saudi Arabia cut oil output by 1 million barrels per day below the last decade's average.
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The contraction shows the economy's reliance on oil revenue despite efforts to diversify.
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The finance minister said he is focused on boosting non-oil growth, which he expects to average 6% this year.