Saudi Arabia's economy recorded its deepest decline since the COVID-19 pandemic in the second quarter, as the conflict surrounding Iran negatively impacted the country's key oil sector, according to Bloomberg:
Preliminary data from Saudi Arabia's statistical authority shows that the country's GDP decreased by 4.8% year-on-year, following a 3% increase in the first quarter. The decline in the oil sector was 24.7%, while growth in the non-oil economy slowed to 0.6%:
The International Monetary Fund forecasts that the country's economic growth will be 1.7% in 2026, accelerating to 5.5% the following year. In the medium term, growth will be supported by public investments, major international events, and reforms under the Vision 2030 program:
