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FINANCIAL NEWS
Saudi’s GDP drops for first time as oil output cut
02 Jul 2017
(MENAFN) Saudi Arabia’s GDP declined from a year earlier in the Jan-March period of this year since the global fiscal crisis, while the private sector enhanced gradually.
Furthermore, GDP, adjusted for inflation, declined 0.5 percent year on year in the cited period, its first fall since 2009.
Additionally, the non-oil government sector shrank 0.1 percent, while Riyadh continued to keep a tight rein on state spending, while it tried to cut a big budget deficit made by low oil prices.
However, private businesses have been affected by government austerity measures, involving higher local energy prices and delays in the government paying.
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MENAFN0207201700450000ID1095591396
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