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Saudi economy drops by 2 percent in Q2

18 Aug 2016

(MENAFN) Saudi Arabia economic position is facing some issues, with output shrinking by almost 2 percent year-on-year.

On the other hand, the country economy increased by 1.5pct y-o-y in the first quarter of this year, down from 1.8 percent in Q4 last year.

The non-oil sector also dropped, emphasizing that the output from the sector economy declined by almost 4 percent in May.

In addition, the fiscal severity in the kingdom made it the worst performing economy in the GCC, predicting a growth of 0.3 percent for 2015 as whole.

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