Saudi Arabia Reports First GDP Contraction Since 2009

Saudi Arabia’s gross domestic product fell in the first quarter of 2017 year-over-year, marking the first time the top oil exporter’s economy contracted after the 2014 oil price crash. Government data revealed a 0.5 percent contraction between January and March – the first such occurrence since 2009. The KSA’s economy shrunk due to production cuts it made as part of a deal with the Organization of Petroleum Exporting Countries (OPEC) to limit bloc-wide output to 32.5 million barrels per day. Saudi Arabia has consistently…
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