Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth
Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts. The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains. Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.
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