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Saudi Arabia is second in economic growth among the G-20 countries

Saudi Arabia is second in economic growth among the G-20 countries

According to the Al-Eqtisadiah El-Youm newspaper, Saudi Arabia had the second-highest economic performance among the Group of Twenty countries in the third quarter of last year, with a quarterly growth rate of 5.7 percent.

An analysis of indicators released by the twenty countries and the International Monetary Fund revealed that the Saudi economy recovered from the effects of Corona at a faster rate than the world’s major economies, owing to the implementation of plans to diversify the economy, which resulted in strong growth in the non-oil sector, in addition to the growth of the oil sector with higher production within the agreement of the “OPEC” alliance +”.

Saudi Arabia came in second quarterly, trailing only India, whose GDP increased by 12.7 percent in the third quarter. India had 12.7 percent economic growth, Saudi Arabia had 5.7 percent, Argentina had 4.1 percent, France had 3 percent, and Turkey had 2.7 percent.

Then came Italy, with a growth of 2.6%, the US 2.3%, Germany 1.7%, Switzerland 1.7%, Indonesia 1.55%, Canada 1.3%, the United Kingdom 1.1%, South Korea 0.3%, and China 0.2%.

On the other hand, 5 countries recorded an economic contraction: Brazil -0.1%, Mexico -0.4%, Russia -0.8%, Japan -0.9%, and South Africa -1.5%.

Quarterly, the Saudi economy (GDP at constant prices) grew by 5.7%, as a result of the growth of the oil sector by 12.7%, the non-oil sector by 2.6%, and the government sector by 1.1%.

The GDP also rose by 7% during the period on an annual basis, which is the fastest growth rate in 9 and half years (i.e. since the first quarter of 2012, when it grew 8.7%).

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