Saudi Arabia oil sector GDP drops to $62.5bn

Saudi Arabia’s oil sector gross domestic product fell 6.4 per cent this year, its worst performance in at least four years, data showed yesterday, after Opec’s most influential member cut output to support declining prices.

Oil sector’s GDP, which accounts to around 54pc of overall output of the world’s largest Arab economy, reached 234.3 billion Saudi riyals ($62.48bn) at constant prices last year, preliminary data from the statistics authority showed.
The kingdom’s gross domestic income from extraction of oil and gas fell by 7.6pc in the year to 199.7bn riyals.

Gulf Daily News