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Saudi Arabia GDP Q4 2023

Saudi Arabia: GDP shrinks again in Q4

According to a preliminary reading, GDP slid 3.7% year on year in the final quarter of 2023, above the 4.4% contraction seen in the third quarter. On a seasonally-adjusted quarter-on-quarter basis, economic activity bounced back 0.4% in Q4, contrasting the previous period’s 3.2% decrease.

The oil activities sector shrank 16.4% year on year in Q4 (Q3: 17.0%), driving the downturn in GDP. This was the result of Saudi Arabia’s voluntary and OPEC+-mandated supply cuts. In contrast, the non-oil activities and government services sectors saw growth of 4.3% and 3.1% respectively in Q4.

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