Saudi Economy Contracts Again as OPEC+ Cuts Weigh on GDP ...Middle East

Saudi Arabia’s gross domestic product contracted again in the second quarter compared to year-ago levels, pushed down by an 8.5% dip in oil activities as the Kingdom is cutting oil production as part of the OPEC+ agreement and additional voluntary output curbs. The Saudi economy shrank by 0.4% in the second quarter versus the second quarter of 2023, the flash estimate by the General Authority for Statistics of Saudi Arabia showed on Wednesday. The second quarter saw the fourth consecutive quarter of contraction of Saudi GDP as the world’s…

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