Saudi GDP eases 2.8% in Q1 amid Iran conflict
Saudi Arabia’s real gross domestic product increased 2.8% year-on-year in the first quarter, according to flash government estimates issued on Thursday.
Non-oil activities rose 2.8% while oil-related activities grew 2.3% year-on-year, data by the General Authority for Statistics (GASTAT) suggested.
However, seasonally adjusted real GDP for the first quarter decreased 1.5% on the previous quarter, driven by a 7.2% decline in oil activities, as the implications of the Iran-US war come into play. Government and non-oil activities grew 0.8% and 0.2% respectively.
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