Saudi economy grows just 0.3% in 2019 as oil sector shrinks

Saudi crown prince Salman

DUBAI: Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply although the non-oil sector accelerated.

Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude output cuts agreed with Opec allies continue to weigh on its overall growth.