Saudi Arabia’s Economy Contracts 4.8% On 24.7% Oil Plunge, Worst Decline Since Pandemic
Saudi Arabia’s economy contracted by 4.8% year over year in the second quarter of 2026, marking its steepest economic decline since the start of the COVID-19 pandemic, according to Bloomberg data. The contraction was driven primarily by a 24.7% drop in the oil sector, which saw production and exports disrupted by a regional conflict involving Iran.
The quarterly figures were compiled by Bloomberg and relayed by multiple news networks. The oil sector's sharp reversal accounted for the majority of the broader economic decline, underscoring the kingdom's reliance on energy exports during the period.
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@me_observer_⚡️⭕️ Saudi Arabia's economy contracts 4.8% year-on-year in Q2; oil sector decline of 24.7% cited as main factor amid regional tensions. (Bloomberg via Al Mayadeen Breaking)
@megatron_ron🇸🇦 Saudi Arabia's economy sank 4.8% year-over-year in Q2 2026, its worst economic setback since the COVID-19 crisis, per Bloomberg The oil sector shrank 24.7%, as the conflict involving Iran disrupted oil exports and production. https://t.
@anasalhajjiSaudi economy contracted significantly in the second quarter: “Saudi Arabia’s economy contracted by 4.8% year-on-year in the second quarter of 2026—its steepest decline since the COVID-19 pandemic—driven by a 24.7% plunge in the oil sect
@me_observer_⚡️⭕️ Saudi Arabia's GDP contracted 4.8% year-on-year in Q2, with oil production down 25%, as war against Iran impacts economic growth. (IRIB News)