Saudi GDP shrinks 4.8% in Q2

Saudi Arabia's real GDP contracted by 4.8% in the second quarter of 2026, primarily due to a 24.7% decline in oil activities—the largest drop since 2011—resulting from energy market volatility and decreased oil exports. Conversely, non-oil activities experienced modest growth of 0.6%, with government sector activities continuing to expand at a rate of 0.9%. This downturn reflects the impact of Iran's conflict on the oil sector, while the performance of the Saudi economy showed divergence between oil and non-oil sectors during the quarter.

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