Saudi Arabia’s economic downturn eased in the first three months of the year as ongoing oil production cuts acted as less of a drag on the oil economy. Gross domestic product shrank 1.8% compared with a year ago, according to preliminary data published by the General Authority for Statistics on Wednesday. That compares with a contraction of 4.3% in the prior quarter. The data showed oil activities slumped at a slower pace in the first quarter, while expansion in the non-oil sector decelerated. The kingdom is spending hundreds of billions of dollars to diversify its economy away from energy. The International Monetary ... (full story)