Riyadh, Saudi Arabia.
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Saudi Arabia’s fourth-quarter genuine GDP fell 3.7% year-on-year, according to flash quotes released by the General Authority for Statistics on Wednesday.
That’s a smaller sized drop than the 4.4% year-on-year slide in the 3rd quarter.
The drop was credited to a 16.4% decrease in oil activities, while non-oil activities and federal government activities broadened by 4.3% and 3.1%, respectively, year-on-year.
For the complete year, Saudi Arabia’s economy diminished 0.9%, according to federal government information.
Throughout in 2015, the world’s biggest crude exporter has actually been executing output cuts in a quote to rise costs. Saudi Arabia has actually likewise been carrying the bulk of extra voluntary crude production cuts consented to by some members of the Organization of the Petroleum Exporting Countries and its allies.
The kingdom’s economy is greatly dependent on its petroleum sector, which represents 42% of its GDP.
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