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Saudi Arabia s GDP fell 1.8% in Q1, continuing a decline from Q4 2023, primarily due to reduced oil activities. Despite non-oil GDP growth of 2.8% and increased government activities, oil sector contraction persisted. The kingdom aims to diversify its economy under Vision 2030, requiring substantial investments.
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Initial government estimates of real gross domestic product showed that in the first quarter of 2023, Saudi Arabia's economy grew by 3.9 percent year-on-year