Saudi Arabia’s growth slumped in the second quarter as a drop in oil prices and the government’s decision to cut production push the country from being one of the fastest-expanding major economies to one of the slowest.
Gross domestic product rose 1.1% on an annual basis, according to preliminary data released by the General Authority for Statistics. That compares with 3.8% in the previous quarter and 11% a year earlier, when Russia’s invasion of Ukraine sent crude to well above $100 a barrel.
Read More : Saudi Arabia’s Economy Slows Due to Oil Cuts and Price Decline