RIYADH (Dispatches) -- Saudi Arabia’s economy shrank 3.8% in the third quarter, the kingdom’s General Authority for Statistics said, as the wars on Iran and Yemen and a resulting fall in oil production weighed on growth.
Real gross domestic product was dragged down by a 20.4% year-on-year decline in oil activity in the quarter to Sept. 30, the statistics authority said. The contraction marked a modest slowdown from the 4.7% year-on-year decline recorded in the second quarter.