Saudis See Economy Shrink In Spite Of Higher Oil Prices

OilPrice.com ------- Saudi Arabia’s economy contracted by 1.03 percent over the second quarter of the year, after a 0.5-percent contraction in the first quarter. The pace of recession accelerated because of the country’s participation in the OPEC oil production cut and because of disappointing growth in the non-oil industries. This is the first time the GDP of the Kingdom has contracted in two consecutive quarters since the latest financial crisis took hold, and it is happening despite government efforts—led by Crown Prince Mohammed bin Salman—to launch the Vision 2030 economic diversification program that is supposed to wean the country off crude. To learn more click on the picture below to read the article.