Saudi Arabia's four-quarter economic recession is coming to an end.

Saudi Arabia’s economy has slowed down after a year of downturn and is expected to improve from this quarter, as the effect of OPEC+'s oil production cuts begins to weaken. Saudi Arabia’s preliminary GDP fell by 0.4% year-on-year in the second quarter, an improvement from the 1.7% decline in the previous quarter. Institutional forecasts show that the Saudi economy is expected to recover in the third quarter, with a rise rate of nearly 4%, which would be the largest growth rate since the end of 2022. The contraction in the Saudi economy was largely driven by a decline in the oil sector, while output from the non-oil sector continued to be solid and the contraction in the oil sector eased. However, reversing the broader economic downturn has become an urgent task for the Saudi crown prince’s Vision 2030 plan, which requires tens of billions of dollars in new investment.