Saudi economy contracted 0.46% in third quarter

Saudi Arabia’s economy contracted by 0.46% in the third quarter from a year earlier, hit by a drop in oil output as the de facto leader of OPEC cut production, government data showed on Tuesday.

Mining and quarrying saw the biggest decline, 6.39%, fueled by a 6.52% drop in crude petroleum and natural gas output, the data showed, Reuters reports.

Petroleum and refining dropped 6.11%, leading to a 2.4% decline in manufacturing output, the data from the General Authority of Statistics said.

GY