Saudi Arabia’s second quarter GDP decreases by an estimated 0.4 per cent

Saudi Arabia’s real gross domestic product (GDP) shrank 0.4 per cent year-on-year in the second quarter, preliminary data by the government’s statistical authority showed on Wednesday, driven by a 8.5 per cent decline in oil activities which has limited overall growth for several quarters.

GDP had decreased 1.7 per cent in the first quarter of 2024, as cuts to oil production have continued to weigh on the major oil exporter’s economy.

Non oil activities increased by 4.4 per...