Saudi Arabia's GDP contracted by 0.8 percent in 2023 compared to the previous year. Amid the decline of the oil economy in the Kingdom, due to the decline in crude prices and production cuts.
According to the Saudi General Authority for Statistics (governmental), the oil economy declined by 9 percent year-on-year in 2023. Non-oil activities grew by 4.4 percent last year, and government activities grew by 2.1 percent last year. Saudi Arabia's GDP in 2023 amounted to about 4.003 trillion Saudi riyals ($ 1.07 trillion), while crude oil and natural gas activities achieved the highest share of them, at 25.4 percent.
Source (Anadolu Agency, Edited)
