October 31, 2019 / 7:54 AM / a month ago

Saudi finance minister says oil GDP down 3% this year

RIYADH, Oct 31 (Reuters) - Saudi Arabia’s oil GDP is this year down 3%, its finance minister said on Thursday.

“For the non-oil GDP we maintained GDP growth at 2.9%,” Mohammed al-Jadaan said at the Future Investment Initiative conference in Riyadh.

Foreign direct investment has increased year-to-date, Jadaan said, adding that local private investment grew 1.3% in the first half of the year.

“We are seeing less demand on budget expenditure on certain infrastructure projects because they are being offered through PPP (public-private partnership),” Jadaan added. (Reporting by Marwa Rashad and Davide Barbuscia, writing by Nafisa Eltahir; editing by John Stonestreet)

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