Saudi economic decline slows in latest data
A recent report indicates that the Saudi economy contracted at the fastest pace since 2011, recording a 4.7% decline in the second quarter of 2026. This was due to a 24.8% drop in the oil sector following oil production cuts caused by geopolitical tensions. Nonetheless, the non-oil sector experienced continuous growth of 0.9%, benefiting from economic diversification and reform programs under Vision 2030, which helped the kingdom offset the decline in oil exports. The International Monetary Fund lowered its growth forecast for the Saudi economy to 1.7% in 2026, although it expects a rebound to 5.5% in 2027, reinforcing expectations that Saudi Arabia will be among the fastest-growing countries among the G20 next year.
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