Saudi Arabia's GDP in The First Quarter Decreased By 1.8% Year-on-year

Saudi Arabia's GDP in the first quarter decreased by 1.8% year-on-year
Recently, the Saudi Arabian Ministry of Finance and the Saudi Arabian Bureau of Statistics reported. Data shows that Saudi Arabia's GDP in the first quarter decreased by 1.8% year-on-year, compared to a contraction of 4.3% in the previous quarter. The IMF recently lowered Saudi Arabia's GDP growth forecast for 2024 from 2.7% to 2.6%, but expects it to rebound to 5.5% to 6% by 2025, second only to India among major economies.