The oil sector expanded 2.3%, down from 10.8%. Non-oil activity — which authorities say is their main focus as they work to transform the US$1.2 trillion economy — slowed to 2.8% from 4.3% last quarter.
(April 30): Saudi Arabia’s quarterly economic growth rate slowed to its lowest since mid-2024, as the kingdom grapples with the Iran war’s effects on its crucial oil industry.
Gross domestic product (GDP) expanded 2.8% year-on-year in the three months through March, according to preliminary figures from the General Authority for Statistics on Thursday. That compares with 5% in the previous quarter.
