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Saudi Arabia slips back into recession
[Iran Press TV] The latest official figures show that Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... has returned to recession in what is expected to have been a result of falling oil incomes as well as the government’s austerity measures to curb the kingdom’s budget deficit. Figures showed that Saudi Arabia’s gross domestic product (GDP), adjusted for inflation, shrank 2.3 percent from the previous quarter in the April-June period, after dropping 3.8 percent in the first quarter. The lower GDP is believed to have been a result of the kingdom’s lower production of crude oil in line with an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to reduce output and help boost the prices. Figures show that Saudi Arabia’s oil sector shrank 1.8 percent from a year ago in the second quarter after a 2.3 percent fall in the first, Rooters reported. Posted by: Fred 2017-10-02 |
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