Saudi economic growth slowest in three years as austerity bites

Saudi Arabia's economy expanded at its slowest rate in three years during the first quarter of 2016 as low oil prices forced the government to cut spending and raise costs for industry, official data showed on Sunday. Gross domestic product, adjusted for inflation, grew 1.5 percent from a year earlier in the first quarter, down from a revised growth rate of 1.8 percent in the fourth quarter of 2015.