Saudi 2Q Slump Less Severe than Feared, Economy Enters Technical Recession
Dow Jones
Jul 30
0940 GMT - Saudi Arabia's second-quarter downturn was less severe than feared but still pushed the economy into technical recession, Capital Economics says in a note. Non-oil activity held up better than expected and Capital Economics expects the quarter to mark the worst of the conflict's economic impact. However, renewed disruption to oil exports could make the recovery uneven, it says. GDP contracted 4.9% from the previous quarter after falling 1.2% in the first quarter, as oil activity plunged 21.5% while non-oil activity slipped 0.5%.
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