Saudi Economic Slump Eased Last Quarter With Oil Cuts in Place
- GDP drops 3.7% last quarter with non-oil activities on upswing
- Kingdom reduced oil output in attempt to support crude prices
The Kingdom Tower stands alongside the King Fahd highway, in Riyadh, Saudi Arabia.
Photographer: Waseem Obaidi/Bloomberg
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Saudi Arabia’s economy contracted at a slower pace in the fourth quarter, as the world’s biggest crude exporter extended its oil output cuts in an attempt to push up prices.