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Saudi Arabia’s GDP contracts 3.3pc in Q1

Published : Wednesday, 12 May, 2021 at 12:00 AM  Count : 174

DUBAI, May 11: Saudi Arabia's economy shrank 3.3 per cent in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3pc, recovering from the pandemic, according to flash government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3pc in the first quarter.
Saudi Arabia's economy, the largest in the Arab world, is expected to grow 2.1pc in 2021 after shrinking 4.1pc last year amid the twin shocks of the coronavirus pandemic and lower oil prices, the IMF said in a recent report.    -Reuters







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