Saudi Arabia's economy experienced a 3.7% contraction in Q4 2023, primarily driven by a 16.4% decrease in oil activities, as reported by the General Authority for Statistics. The decline reflects the nation's ongoing efforts to diversify its economy away from fossil fuels under the Vision 2030 reform agenda. Non-oil and government activities, however, witnessed growth. With a shift towards tourism, business, and sports, Saudi Arabia faces economic challenges amid fluctuations in oil prices and production levels. Read The Rest at :