{"id":898,"date":"2017-10-01T08:41:11","date_gmt":"2017-10-01T08:41:11","guid":{"rendered":"http:\/\/madaresharghi.com\/saudi-gdp-shrinks-for-second-quarter\/"},"modified":"2017-10-01T08:41:11","modified_gmt":"2017-10-01T08:41:11","slug":"saudi-gdp-shrinks-for-second-quarter","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/","title":{"rendered":"Saudi GDP shrinks for second quarter"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p><h2 class=\"lide\">Saudi Arabia\u2019s economy contracted for the second quarter in a row as the kingdom grapples with low oil prices and its businesses struggle to cope with economic reforms.<\/h2>\n<\/p>\n<div readability=\"65\">\n<p>\n\tAccording to Bloomberg, the kingdom\u2019s gross domestic product shrank one percent from the same period a year earlier, when it expanded 0.9 percent, according to official data released on Saturday. The economy had contracted 0.5 percent in the first three months of 2017.<\/p>\n<p>\n\tCrown Prince Mohammed Bin Salman is leading the push to transform the biggest Arab economy at a time when crude prices are at about half their 2014 peak. But as authorities seek to reduce the kingdom\u2019s reliance on oil, they\u2019re also leading efforts among OPEC members and some other major producers to bolster prices by cutting output. The kingdom\u2019s oil GDP shrank 1.8 percent in the second quarter, weighing on overall activity.<\/p>\n<p>\n\tThe data also showed how non-oil industries are still struggling with efforts to overhaul the economy and shore up public finances. The non-oil GDP, the main engine of job creation, expanded below one percent, driven mainly by the government sector, the data showed.<\/p>\n<p>\n\tMonica Malik, chief economist at Abu Dhabi Commercial Bank, said, \u201cWhat we\u2019re seeing is stagnation in non-oil activity \u201cSecond-quarter data show still very lackluster demand\u201d even after the government reversed a decision to cut or freeze bonuses and allowances for state employees.<\/p>\n<p>\n\tFigures released by the government\u2019s statistics agency also show:<\/p>\n<ul>\n<li>\n\t\tWithin non-oil GDP, private sector activity grew 0.4 percent after expanding 0.9 percent in the previous three months<\/li>\n<li>\n\t\t\u00a0\u00a0\u00a0\u00a0The government sector expanded almost one percent<\/li>\n<li>\n\t\t\u00a0\u00a0\u00a0\u00a0The construction industry shrank 1.6 percent after contracting three percent in the first quarter<\/li>\n<li>\n\t\t\u00a0\u00a0\u00a0\u00a0Petroleum refining expanded 5.8 percent<\/li>\n<\/ul>\n<p>\n\tA Bloomberg survey conducted before Saturday\u2019s release show economists expect growth to grind to a halt this year, compared with a growth forecast of 0.5 percent in the previous poll.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Saudi Arabia\u2019s economy contracted for the second quarter in a row as the kingdom grapples with low oil prices and its businesses struggle to cope with economic reforms. According to Bloomberg, the kingdom\u2019s gross domestic product shrank one percent from the same period a year earlier, when it expanded 0.9 percent, according to official [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi GDP shrinks for second quarter - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi GDP shrinks for second quarter - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Saudi Arabia\u2019s economy contracted for the second quarter in a row as the kingdom grapples with low oil prices and its businesses struggle to cope with economic reforms. According to Bloomberg, the kingdom\u2019s gross domestic product shrank one percent from the same period a year earlier, when it expanded 0.9 percent, according to official [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-01T08:41:11+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/\",\"name\":\"Saudi GDP shrinks for second quarter - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-10-01T08:41:11+00:00\",\"dateModified\":\"2017-10-01T08:41:11+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/saudi-gdp-shrinks-for-second-quarter\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/898"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=898"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/898\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}