According to CoinMeta, the Saudi economy experienced its most severe quarterly contraction since the COVID-19 pandemic in the second quarter of 2026, with GDP growth declining by 4.8% year-on-year, compared to a growth rate of 3% in the first quarter. The economic contraction was mainly driven by a 24.7% decline in the oil sector, which had grown by only 2.9% in the first quarter. Growth in the non-oil sector was 0.6%, slower than the 2.9% seen in the previous quarter. Saudi authorities are working to reposition their economy, focusing on the non-oil sector as a key area of attention.