Saudi Arabia‘s real gross domestic product (GDP) contracted by 4.5% in the third quarter, according to preliminary government data on Tuesday, weighed down by a sharp fall in oil activity.
Oil activities decreased by 17.3% in the third quarter from a year earlier, the General Authority for Statistics data showed, pulling overall growth lower despite non-oil growth of 3.6% and expansion in government activities of 1.9%.
The kingdom, which is the world’s top oil exporter, estimates overall GDP growth to slow sharply in 2023 from last year, to 0.03%, narrowly avoiding a contraction, and a budget deficit of 2% of GDP.