74 Days
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الاقتصادية
Saudi economy shrinks in Q2 amid easing non-oil pressures
Saudi Arabia's economy contracted by 4.8% year-on-year in the second quarter, marking the fastest decline since 2011, driven by geopolitical tensions and the impacts of the war between America, Israel, and Iran—particularly affecting the oil sector, which saw production decrease by 26% to 7.2 million barrels per day. Despite this, the Kingdom managed to maintain its oil export resources through the Yanbu port and the East-West pipeline, contributing to its economic resilience. As a result, it achieved oil exports of 5 million barrels per day, although this is still below pre-war levels. The International Monetary Fund (IMF) projected Saudi Arabia's economic growth to decline to 1.7% in 2023 but noted that the Kingdom remains among the least affected in the region thanks to reforms under Vision 2030 and improved crisis management. The IMF also forecasts a recovery, with the economy expected to grow by 5.5% in 2027, with more optimistic prospects compared to government estimates.
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