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Among the G20, Saudi Arabia ranks second in terms of economic growth

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Saudi Gazette report

RIYAD – Saudi Arabia ranked second among G20 countries in terms of better economic performance in the third quarter of 2021, growing 5.7% on a quarterly basis.

An analysis of indices published by G20 countries and the International Monetary Fund showed that the Saudi economy has recovered from the repercussions of the coronavirus at a faster rate than the world’s major economies, according to the Al-Eqtisadiah newspaper.

Saudi Arabia’s strong economic recovery has been mainly attributed to the implementation of economic diversification plans, which have resulted in strong growth of the non-oil sector, in addition to the growth of the oil sector with more production. high as part of the agreement between the OPEC + country alliance.

On a quarterly basis, Saudi Arabia comes in second behind India, whose economy grew 12.7% in the third quarter. The ranking of the G20 countries in economic growth during the third quarter of last year was as follows: India 12.7%, Saudi Arabia 5.7%, Argentina 4.1%, France 3%, Turkey 2.7 %, Italy 2.6%, United States 2.3%, Germany 1.7%, Switzerland 1.7%, Indonesia 1.55%, Canada 1.3%, United Kingdom 1.1%, Korea South 0.3% and China 0.2%.

Within the G20, the following five countries recorded an economic contraction during the period: Brazil -0.1%, Mexico -0.4%, Russia -0.8%, Japan -0.9% and Africa South -1.5%.

On a quarterly basis, the Saudi Arabian economy, with GDP at constant prices, grew by 5.7% thanks to the growth of the oil sector of 12.7%, the non-oil sector of 2.6% and the public sector by 1.1%. .

GDP also grew by 7 percent during the period on an annual basis, which is the fastest growth rate in the 9½ year period since the first quarter of 2012, when it was posted growth of 8.7 percent.