"Saudi Arabia's economy" expanded 3.9% in Q1/66. IMF expects this year's GDP to contract by more than half to 3.1%.
On May 8, 2566, Reuters reported that Saudi Arabia's economy expanded by 3.9% year-on-year in the first quarter of 2566, according to preliminary government estimates of real gross domestic product released on Sunday.
The Saudi Arabian Statistics Office reports that Non-oil activities expanded 5.8% in the first quarter from a year earlier. referring to sudden estimates While oil activity grew 1.3%, government service activity grew 4.9%. However, growth slowed compared to the fourth quarter of 4, when GDP grew 2565% year-on-year.
The report said seasonally adjusted real GDP fell 1.3% in the first quarter of this year. Compared to the previous quarter This was a result of a 4.8% drop in oil activity.
The IMF said the Saudi economy grew 8.7% last year, but forecasts Saudi Arabia's GDP growth will fall by more than half to 3.1% this year.
last month Saudi Arabia says it will cut oil production by 500,000 barrels per day from May. This is part of additional oil production cuts by OPEC+ oil producers of around 1.16 million barrels per day.
