Saudi Arabia's economy slowed in the second quarter, with GDP expanding by 1.1% compared to 3.8% in the previous quarter and 11.2% in the same period last year. The non-oil sector grew by 5.5% in Q2, but the oil sector experienced a 4.2% loss in GDP due to lower global crude prices and voluntary production cuts. The slowdown is attributed to concerns over macroeconomics, a dip in demand, and China's slow recovery from Covid-19 restrictions. The International Monetary Fund has downgraded Saudi Arabia's GDP growth projections for 2023 to 1.9%.

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