"Oil Cuts and Price Drops Slow Saudi Arabia's Economic Growth"

Saudi Arabia's economy experienced a slowdown in the second quarter, with GDP expanding by 1.1% compared to 3.8% in the previous quarter, due to crude output cuts and a drop in oil prices. The non-oil sector grew by 5.5%, but the hydrocarbon-reliant economy suffered a 4.2% loss in non-oil GDP. Lower global crude prices and voluntary oil production cuts have impacted the country's revenues. The International Monetary Fund has downgraded Saudi Arabia's GDP growth projections for 2023 from 8.7% to 1.9% due to the production cuts. This slowdown is expected to affect the overall performance of the Middle East and Central Asian region.