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Commodities

Saudi GDP Plummets as Oil Activities Suffer

Guavy AI Editorial Team
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Oil
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Saudi Arabia's economy contracted in Q2 of this year due to plummeting oil activities. According to flash estimates from the Saudi General Authority for Statistics, real GDP dropped by 4.8 percent year-on-year.

The decline was mainly caused by a 24.7-percent year-on-year decrease in oil activities, which subtracted 5.4 percentage points from overall growth. This is a significant reversal from the 3.0-percent expansion seen in Q1.

However, non-oil activities rose 0.6 percent, contributing positively to real GDP by 0.4 percentage points. Government activities and net taxes on products also contributed marginally to the economy.

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