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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Saudi Arabia GDP Growth (1961-2023)
Saudi Arabia’s GDP growth has been heavily influenced by oil market fluctuations. Oil booms in the early 1970s saw growth spike to an extraordinary 52.6% in 1970. However, oil price drops in the 1980s led to contractions, with a -20.7% decline in 1982. Post-2000, economic diversification efforts and oil production adjustments brought moderate growth. The 2020 pandemic-induced oil price slump led to a -3.6% contraction, but recovery in oil prices saw growth at 7.5% in 2022. By 2023, growth slowed to -0.8%, reflecting global oil demand fluctuations.
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