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Saudi Arabia's economy shrinks by 4.8% amid Iran war: What to know
Saudi Arabia's economy shrinks by 4.8% amid Iran war: What to know
The kingdom saw a 24.7% year-on-year decline in its oil sector for the April 1 to June 30 period due to the closure of the Strait of Hormuz.
Jack Dutton
Jul 30, 2026
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People walk along Riyadh's commercial Tahlia Street late at night on April 4, 2026. — Fayez Nureldine / AFP via Getty Images
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Saudi Arabia’s economy contracted by 4.8% in the second quarter due to the five-month war in Iran and the near-total closure of the Strait of Hormuz. It was the kingdom's biggest yearly economic contraction since the height of the COVID-19 pandemic in 2020.
The Gulf’s largest economy saw a 24.7% year-on-year decline in its oil sector for the April 1 to June 30 period, according to a report published Wednesday by the Saudi General Authority for Statistics. The fall drove the kingdom’s economic contraction, as hydrocarbons account for around 55% of Saudi government revenue.
The steep decline in oil activity outweighed modest growth in the non-oil and government sectors.........
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