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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world The King Abdullah Financial District in Riyadh, Saudi Arabia. Saudi Arabia’s economy posted its deepest quarterly contraction since the Covid-19 pandemic, driven by a sharp downturn in its critical oil industry — a stark sign of the damage the US-Iran war is wreaking on Persian Gulf nations. Gross domestic product shrank 4.8% year-on-year in the three months through June, compared with 3% growth in the first quarter, according to preliminary data from the General Authority for Statistics on Thursday. A 24.7% decline in the oil sector appeared the major factor.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world The King Abdullah Financial District in Riyadh, Saudi Arabia. Saudi Arabia’s economy posted its deepest quarterly contraction since the Covid-19 pandemic, driven by a sharp downturn in its critical oil industry — a stark sign of the damage the US-Iran war is wreaking on Persian Gulf nations. Gross domestic product shrank 4.8% year-on-year in the three months through June, compared with 3% growth in the first quarter, according to preliminary data from the General Authority for Statistics on Thursday. A 24.7% decline in the oil sector appeared the major factor.
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world The King Abdullah Financial District in Riyadh, Saudi Arabia. Saudi Arabia’s economy posted its deepest quarterly contraction since the Covid-19 pandemic, driven by a sharp downturn in its critical oil industry — a stark sign of the damage the US-Iran war is wreaking on Persian Gulf nations. Gross domestic product shrank 4.8% year-on-year in the three months through June, compared with 3% growth in the first quarter, according to preliminary data from the General Authority for Statistics on Thursday. A 24.7% decline in the oil sector appeared the major factor.
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