Saudi Arabia's economy declined by 4.5 percent during the third quarter of 2023, compared to the third quarter of 2022, due to the decline in oil activities by 17.3 percent. According to rapid estimates published by the General Authority for Statistics, the decline came despite the increase achieved by non-oil activities by 3.6 percent, in addition to the increase achieved by government activities by 1.9 percent.
Seasonally adjusted real GDP declined by 3.9 percent in the third quarter of 2023, compared to the second quarter of this year, affected by a decrease in oil activities by 8.4 percent, in addition to a decrease in government activities by 5.3 percent, while non-oil activities achieved an increase of 0.1 percent quarterly.
Source (Al-Arabiya.net Website, Edited)
