Saudi Arabia's economy faced a setback in the first quarter of the year as its Gross Domestic Product (GDP) contracted by an estimated 1.8% year-on-year. The decline was primarily attributed to the oil sector, which exerted significant pressure on the overall economic performance.
The oil-dependent economy of Saudi Arabia felt the impact of fluctuating oil prices and production cuts, leading to a contraction in the GDP. The country, being one of the world's largest oil exporters, is highly sensitive to changes in the global oil market.
