(MENAFN) Saudi Arabia economic position is facing some issues, with output shrinking by almost 2 percent year-on-year.
On the other hand, the country economy increased by 1.5pct y-o-y in the first quarter of this year, down from 1.8 percent in Q4 last year.
The non-oil sector also dropped, emphasizing that the output from the sector economy declined by almost 4 percent in May.
In addition, the fiscal severity in the kingdom made it the worst performing economy in the GCC, predicting a growth of 0.3 percent for 2015 as whole.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.