Saudi Arabia experiences 3.5 percent increase in non-oil exports
(MENAFN) Official data indicates that Saudi Arabia experienced a 3.5 percent increase in non-oil activities during the third quarter of 2023 compared to the same period in the previous year, showcasing the Kingdom's ongoing efforts to diversify its economy away from oil.
The General Authority for Statistics report also reveals a 0.4 percent rise in non-oil activities in the third quarter compared to the previous quarter of the current year.
The development of the non-oil private sector aligns with the objectives outlined in Vision 2030, highlighting its crucial role in Saudi Arabia's economic diversification.
Despite this positive trend, the report notes a 4.4 percent year-on-year decline in the Kingdom's real gross domestic product (GDP) in the third quarter, along with a 3.2 percent decrease compared to the previous quarter.
The decline in overall GDP is primarily attributed to a significant 17 percent decrease in oil activities during the third quarter. This reduction is a result of Saudi Arabia's decision, in line with the Organization of the Petroleum Exporting Countries (OPEC), to curtail oil output.
The commitment to an output cut of 500,000 barrels per day, initiated in April and extended until December 2024, has contributed to this decrease. Additionally, the Kingdom pledged an extra 1 million barrels per day cut in July, and the Ministry of Energy announced in November that this supplementary cut would persist until the end of December 2023.
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