Commodities
Saudi Economy Contraction Hits 4.8% Amid Oil Output Slump
Saudi Arabia's economy contracted sharply in the second quarter, shrinking by 4.8% due to a hit from lower oil output.
The main driver of job creation and economic diversification, the non-oil sector, expanded at an annual rate of 0.6%, but its growth slowed down compared to previous quarters.
The International Monetary Fund (IMF) stated that despite the contraction, Saudi Arabia's economy had proven resilient in the face of regional conflicts, thanks to strong fundamentals and diversified oil and logistics infrastructure.