June 30, 2020 / 6:24 AM / 11 days ago

Saudi economy contracts by 1% in Q1 amid oil price plunge

DUBAI, June 30 (Reuters) - Saudi Arabia’s economy contracted by 1% in the first quarter, official data showed on Tuesday.

“This negative growth originated mainly from the contraction in the oil sector by 4.6%, while the non-oil sector recorded a positive growth rate of 1.6%,” the General Authority for Statistics said, citing preliminary estimates.

The world’s largest oil exporter is facing its worst economic decline this year as the coronavirus pandemic dampened global crude demand and virus containment measures hurt the kingdom’s non-oil economy.

Reporting by Davide Barbuscia; Editing by Andrew Heavens

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