Saudi Arabia's economy has reversed due to the country's reduction in oil production.
Source Abu Dhabi (CNN) Saudi Arabia's economy has reversed due to the country's reduction in oil production. Following a reduction in output by the world's largest crude oil exporter to support prices, Saudi Arabia's economy has reversed course. The country's official statistics agency announced this week that the third quarter of 2023 saw a 4.5% year-over-year decline in Saudi Arabia's gross domestic product, the broadest indicator of the country's economic health. Since the Covid-19 epidemic in 2020, that contraction has been the biggest. The decline would have been far more severe if non-oil activities hadn't grown by 3.6%. Even though the nation's enormous oil industry had been contracting for months, the economy as a whole managed 1.2% annual growth in the second quarter. The third quarter saw the worst year-over-year decline in the kingdom's oil sector since at least 2011 as a result of the voluntary reductions in oil production intended