Saudi GDP contracts in Q2 as oil activity plunges
Saudi Arabia’s economy contracted in Q2, with real GDP down 4.7% year on year. Oil activities fell 24.8%, while growth in non-oil and government activities was described as modest.
Saudi Arabia's economy contracted in the second quarter as a sharp drop in oil activity outweighed modest growth in other parts of the economy, according to the General Authority for Statistics. 8%. Non-oil and government activities each recorded modest growth.