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Saudi Arabia’s economy holds steady supported by the non-oil sector
The Saudi economy showed resilience during the second quarter of 2026, despite an annual decline in gross domestic product, mainly affected by a drop in oil-sector activities.
The Saudi economy fell by 4.7% during the second quarter year-on-year, but the latest reading was better than initial estimates, indicating a relative improvement in the economy’s performance compared with earlier expectations.
This improvement was supported by the performance of the non-oil sector, whose growth rate rose to 0.9% versus 0.6% in the quick estimates. The non-oil sector continued to register growth for the 22nd consecutive quarter, reinforcing its ongoing role in supporting the economy and reducing reliance on oil activity.
In contrast, oil activities declined by 24.8% during the second quarter, making it the main factor behind the contraction in the overall economy. This decline reflects the impact of lower oil production on GDP, while non-oil sectors continue to expand at a better pace.#UsCanadaTradeWar #AEROSurges17%In24Hours
$XAU
Saudi Arabia’s economy holds steady supported by the non-oil sector
The Saudi economy showed resilience during the second quarter of 2026, despite an annual decline in gross domestic product, mainly affected by a drop in oil-sector activities.
The Saudi economy fell by 4.7% during the second quarter year-on-year, but the latest reading was better than initial estimates, indicating a relative improvement in the economy’s performance compared with earlier expectations.
This improvement was supported by the performance of the non-oil sector, whose growth rate rose to 0.9% versus 0.6% in the quick estimates. The non-oil sector continued to register growth for the 22nd consecutive quarter, reinforcing its ongoing role in supporting the economy and reducing reliance on oil activity.
In contrast, oil activities declined by 24.8% during the second quarter, making it the main factor behind the contraction in the overall economy. This decline reflects the impact of lower oil production on GDP, while non-oil sectors continue to expand at a better pace.#UsCanadaTradeWar #AEROSurges17%In24Hours
