Saudi Arabia Nears End of Economic Slump Lasting Four Quarters
- Economy shrank 0.4% in second quarter with oil output curbed
- Growth seen turning positive after decline that began year ago
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Saudi Arabia’s economy contracted at a slower pace before a likely turnaround starting this quarter ends a stretch of declines that began a year ago, as the effect of OPEC+ oil production cuts begins to wane.
Gross domestic product shrank an annual 0.4% in the April-June period, according to preliminary data published by the General Authority for Statistics on Wednesday. That’s an improvement from a drop of 1.7% in the previous three months.