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Saudi Arabia: first economy contraction in eight years
(MENAFN) Since eight years, this had been the first time Saudi Arabia economy contracted as a result of austerity procedures as it declared record spending to encourage growth.
Crude production has decreased in line with a contract with key oil producers intended to increase costs, as a result, 2017 gross domestic product declined by 0.5%, as the OPEC kingpin announced.
The ministry declared that this year, oil sector GDP has witnessed a drop by 2.0 percent.
Crude production has decreased in line with a contract with key oil producers intended to increase costs, as a result, 2017 gross domestic product declined by 0.5%, as the OPEC kingpin announced.
The ministry declared that this year, oil sector GDP has witnessed a drop by 2.0 percent.
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