Saudi Economy Stumbles in Q1 as Oil Woes Linger
Saudi Arabia’s economic engine sputtered in the first quarter of 2024, with its Gross Domestic Product (GDP) contracting by an estimated 1. 7% compared to the same period last year. This marks the third consecutive quarter of year-on-year decline, highlighting the continued strain on the kingdom’s oil-reliant economy. The primary culprit behind the sluggish growth remains the oil sector. Oil activities, a cornerstone of the Saudi economy, […]