Saudi Arabia GDP (Q3 2023, Flash Estimate)

Saudi Arabia’s flash GDP estimate showed that the recession deepened in Q3, with GDP contracting by 3.9% q/q, after the Kingdom implemented an additional voluntary 1mn bpd oil output cut and the non-oil economy slowed sharply. We expect a return to growth over the coming quarters, but the recovery is likely to be weaker than most currently anticipate.

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