Saudi GDP Contracts 4.8% in Q2 2026 on Oil Drop

Saudi Arabia's real gross domestic product (GDP) contracted 4.8% year-on-year in the second quarter of 2026, reversing growth of about 3% recorded in the first quarter, The figures cover the whole of the Kingdom for the April–June period and are the most recent official data available as of August 23, 2026.

The decline was driven almost entirely by the oil sector. Oil activities fell 24.7% year-on-year, subtracting 5.4 percentage points from overall real GDP growth. This drop far outweighed positive contributions from other parts of the economy.

Away from oil, activity held up better. Non-oil activities grew 0.6% year-on-year, while government activities rose 0.9%, partially offsetting the sharp fall in oil output. On a seasonally adjusted quarter-on-quarter basis, real GDP fell 4.9% from the first to the second quarter, with oil activities down 21.5%, non-oil activities easing 0.5%, and government activities up around 0.2%.

Why it matters

The GDP figures reflect the balance between the Kingdom's traditional oil base and its expanding non-oil economy. In the national accounts, oil activities cover the extraction of crude oil and natural gas as well as refining, government activities cover public agencies and non-market services, and non-oil activities cover all remaining sectors — a key measure watched closely under efforts to diversify the economy.

These are aggregate national statistics rather than individual services, so there are no fees or e-government processes tied to the data. The figures are published freely as part of regular quarterly national accounts releases and may be revised in later, more detailed reports.

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