Saudi economy reports steepest contraction in six years
Saudi Arabia has recorded its first quarterly contraction since the second quarter of 2024 and its steepest decline since the second quarter of 2020, as the US-Iran conflict continues to disrupted shipping activity and weigh on regional economies.
Saudi’s gross domestic product slid 4.8% from April through June this year, driven by a 24.7% decline in oil activities, according to flash estimates issued by the kingdom’s General Authority for Statistics.
The oil sector slump and widespread implications of the regional conflict have triggered a sharp reversal from 3% growth logged in the previous quarter.
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