The International Monetary Fund had dubbed Riyadh the fastest growing economy in the Group of 20 in 2022.
The non-oil sector — where Saudi Arabia is directing its socioeconomic reforms under Crown Prince Mohammed bin Salman's Vision 2030 economic diversification program — grew by 5.5% in the second quarter.
But hydrocarbon-reliant Riyadh logged a 4.2% loss in non-oil GDP in the second quarter, bearing the brunt of lower global crude prices and voluntary oil production cuts. Oil prices spiked last year, as Moscow's full-scale invasion of Ukraine and ensuing international sanctions decoupled many Western consumers from Russian crude supplies.
Commodities offered less support to the Saudi economy in the first half of this year, with oil prices lingering below $80 per barrel amid macroeconomic concerns, a recessionary dip in demand and China's protracted exit from spartan Covid-19 restrictions. The expiring Brent futures contract with September delivery were trading at $84.89 per barrel at 9:10 a.m. London time, down by 10 cents per barrel from the Friday settlement.
Saudi Arabia is also shouldering the lion's share of additional voluntary crude production cuts agreed by some members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. Some OPEC+ nations are carrying out 1.66 million barrels per day of declines until the end of 2024, with Saudi Arabia lowering output by a further 1 million barrels per day in July and August.
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