{"id":36997,"date":"2023-05-07T07:01:23","date_gmt":"2023-05-07T07:01:23","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/saudi-arabia-economy-grew\/"},"modified":"2023-05-07T07:05:34","modified_gmt":"2023-05-07T07:05:34","slug":"saudi-arabia-economy-grew","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/saudi-arabia-economy-grew\/","title":{"rendered":"Saudi Arabia economy grew 3.9% in Q1 boosted by non-oil activities"},"content":{"rendered":"<p>DUBAI (Reuters) -Saudi Arabia&#8217;s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday.<\/p>\n<p>Non-oil activities grew by 5.8% in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by 1.3%. Government services activities grew by 4.9%, it said. <\/p>\n<p>However growth slowed compared to the fourth quarter of 2022, when GDP grew 5.5% year-on-year.<\/p>\n<p>Seasonally adjusted real GDP decreased by 1.3% in the first quarter of this year, compared with the previous quarter as a result of a decline in oil activities by 4.8%, the report said. <\/p>\n<p>The IMF says the Saudi economy grew 8.7% last year, but projects that Saudi GDP growth will more than halve to 3.1%, this year.<\/p>\n<p>Saudi Arabia last month said it would cut oil output by 500,000 barrels per day from May, part of further cuts by OPEC+ oil producers of around 1.16 million bpd. <\/p>\n<p> (Writing by Lisa Barrington; Editing by Frances Kerry and Mike Harrison)<\/p>\n<p><a href=\"https:\/\/lynettelockhart.com\/client\/saudi-arabia-economy-grew\/clouds-move-over-the-riyadh-skyline\/\"><img decoding=\"async\" src=\"https:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ4601P-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ4601P-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DUBAI (Reuters) -Saudi Arabia&#8217;s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday. Non-oil activities grew by 5.8% in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":36998,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-36997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ4601P-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/36997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=36997"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/36997\/revisions"}],"predecessor-version":[{"id":37021,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/36997\/revisions\/37021"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/36998"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=36997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=36997"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=36997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}