Preliminary government data showed on Tuesday that Saudi Arabia's real gross domestic product fell by 4.5 percent in the third quarter of this year as a result of a decline in oil activities.
Rapid estimates published by the General Authority for Statistics showed that oil activities decreased by 17.3 percent in the third quarter on an annual basis, which led the overall growth to decline even though non-oil activities rose by 3.6 percent in addition to the growth of government activities by 1.9 percent.
Estimates of the Kingdom, the world's largest oil exporter, indicate that GDP growth will slow sharply in 2023 compared to last year to 0.03 percent, which means that the country will barely avoid entering into a recession, and the budget deficit is expected to reach two percent of GDP. Total.
