Saudi Arabia's Economy Contracts 3.8% Due to Oil Output Decline

• Saudi Arabia's economy contracted by 3.8% due to a decline in oil output.
• The economic contraction occurred before the escalation of conflict with the Houthis.
• The economic slowdown was reported by both The Wall Street Journal and Bloomberg.
• The exact timing and extent of the economic impact are detailed in the reports.
• Further economic implications and responses are expected to be discussed in follow-up reports.