Saudi Arabia: Economy records best reading since Q2 2023 in Q2
According to a preliminary reading, GDP declined at a milder rate of 0.4% year on year in the second quarter, above the 1.7% contraction recorded in the first quarter and marking the best result since Q2 2023. On a seasonally-adjusted quarter-on-quarter basis, economic growth was unchanged at 1.4% in Q2.
Oil output declined by 8.5% in Q2, slightly softer than Q1’s decline, with the energy sector still weighed on by ongoing OPEC+ production cuts. In contrast, the expansion in the non-oil sector sped up to 4.4% year on year.