DUBAI (Reuters) – Saudi Arabia’s actual gross home product (GDP) within the first quarter shrank 1.7% from a 12 months earlier, preliminary authorities information confirmed on Sunday, as a decline in oil actions continued to weigh on total development.

The dominion’s GDP shrank 3.7% within the fourth quarter of 2023. The decline within the first quarter was the third consecutive quarter of year-on-year contraction within the kingdom, damage by cuts to grease manufacturing and decrease crude costs.

Oil actions have been down 11.2% within the first quarter versus the earlier 12 months, estimates from the Common Authority for Statistics confirmed, whereas non-oil GDP grew 3.4% 12 months on 12 months and authorities actions elevated 2%.