RIYADH: Saudi Arabia’s non-oil activities experienced a growth of 4.6 percent in 2023, reflecting the Kingdom’s ongoing efforts to diversify its economy away from crude, official data showed.
Despite this positive trend, the country’s real gross domestic product saw a decline of 0.9 percent in 2023 compared to the previous year, according to the latest report released by the General Authority for Statistics.
This dip in GDP was primarily attributed to a reduction in oil activities during the year, in line with Saudi Arabia’s decision to decrease crude output following the decision of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
In a bid to maintain market stability, OPEC+ had decided to cut oil output by 1.2 million barrels per day in April 2023. Within these prescribed reductions, Saudi Arabia committed to lowering its output by 500,000 bpd, a commitment that has been extended until December 2024.
In June, the Kingdom further implemented an additional output cut of 1 million bpd, which continued until December 2023.
