RIYADH: Saudi Arabia's economy contracted by 3.7 percent in the fourth quarter of 2023 compared to the previous year, reflecting a drop in oil revenue, the government's statistics agency said on Wednesday. Oil firm Saudi Aramco ― of which the government owns 90 percent ― had reported record profits in 2022 following the spike in oil prices spurred by Russia's invasion of Ukraine. Taking 2023 as a whole, real or price-adjusted GDP was down 0.9 percent compared to 2022, the statistics authority said on Wednesday. The finance ministry had announced in December it was expecting real GDP growth of just 0.03 percent in 2023 and 4.4 percent this year. The ministry also said it was projecting a budget deficit of 2.0 percent of GDP in 2023 and 1.9 percent of GDP this year, reflecting rising spending and lower oil revenue.
