Saudi Arabia recorded the second best economic performance among the Group of Twenty countries during the third quarter of last year, with a growth of 5.7% on a quarterly basis, according to Al-Eqtisadiah newspaper.
An analysis of indicators issued by the twenty countries and the International Monetary Fund showed, The Saudi economy is recovering from the repercussions of Corona faster than the major economies globally, thanks to the implementation of plans to diversify the economy, which led to strong growth in the non-oil sector, in addition to the growth of the oil sector with the increase in production within the agreement of the “OPEC +” alliance.
On a quarterly basis, Saudi Arabia came second after India, whose economy grew by 12.7% during the third quarter. The ranking in economic growth was as follows: India 12.7%, Saudi Arabia 5.7%, Argentina 4.1%, France 3%, and Turkey 2.7%.
Then came Italy, with a growth of 2.6%, the United States 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, namely: Brazil -0.1%, Mexico -0.4%, Russia -0.8%, Japan -0.9%, and South Africa -1.5%.
On a quarterly basis, 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 a half years (i.e. since the first quarter of 2012, when it grew 8.7%).