21:42 - 30.07.2026

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July 30, Fineko/abc.az. In the second quarter of 2026, Saudi Arabia's GDP unexpectedly contracted by 4.8% year-on-year, according to preliminary data from the General Authority for Statistics (GASTAT). This represents the sharpest economic decline since the COVID-19 pandemic, defying analysts' expectations of a 3.8% expansion.

The primary driver of the downturn was a 24.7% collapse in the oil sector, triggered by ongoing armed conflict in the Middle East and logistics disruptions in the Strait of Hormuz. On a seasonally adjusted quarter-on-quarter basis, the economy shrank by 4.9%.