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Saudi economy contracts in Q1, set for a weak 2023

Flash GDP figures showed that Saudi Arabia’s economy contracted in Q1 on the back of OPEC+-agreed oil output cuts, but growth in the non-oil economy remained strong. The “voluntary” oil production reductions announced last month will continue to weigh on economic growth over the rest of this year and the recent slip in oil prices, if sustained, could close the door on any further fiscal loosening.

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