The Saudi economy experienced its worst quarterly contraction since the COVID-19 pandemic, as the US-Iran war posed challenges to the critical oil industry. According to preliminary data released by the Saudi General Statistics Authority on Thursday, the country's GDP growth rate in the second quarter of this year fell 4.8% year on year, while the growth rate in the first quarter was 3%. The economic contraction was mainly driven by a 24.7% decline in the oil industry's growth rate, while the growth rate in the first quarter was only 2.9%. Non-oil sector activity grew 0.6%, down from 2.9% in the previous quarter. The Saudi authorities are focusing on reorienting the economy, so they are focusing on the non-oil sector.

The Saudi economy experienced its worst quarterly contraction since the COVID-19 pandemic, as the US-Iran war posed challenges to the critical oil industry. According to preliminary data released by the Saudi General Statistics Authority on Thursday, the country's GDP growth rate in the second quarter of this year fell 4.8% year on year, while the growth rate in the first quarter was 3%. The economic contraction was mainly driven by a 24.7% decline in the oil industry's growth rate, while the growth rate in the first quarter was only 2.9%. Non-oil sector activity grew 0.6%, down from 2.9% in the previous quarter. The Saudi authorities are focusing on reorienting the economy, so they are focusing on the non-oil sector.