Saudi Arabia GDP drops 4.8% in Q2
A government report revealed that Saudi Arabia's real Gross Domestic Product (GDP) declined by 4.8% in the second quarter of the year compared to the same period last year, due to the repercussions of the war in the Middle East. The oil sector activity dropped by 24.7%, negatively impacting the economy's growth by 5.4 percentage points. Meanwhile, non-oil and government activities experienced a slight increase of 0.6% and 0.9%, respectively. The region has been significantly affected by the recent military escalation between the United States and Iran, which has disrupted shipping and energy supplies.
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