Saudi Arabia recorded second best performance economic activity among Group of Twenty countries during the third quarter of last year, with growth of 5.7% on a quarterly basis, according to the newspaper Al-Eqtisadiah.
An analysis of the indicators issued by the twenty countries and the International Monetary Fund showed, The Saudi economy is recovering from the repercussions of the Crown faster than the world’s major economies, thanks to the implementation of economic diversification plans, which led to strong growth in the non-oil sector, in addition to the growth of the oil sector with increased production under the agreement of the “OPEC + alliance”.
On a quarterly basis, Saudi Arabia came in second after India, whose economy grew 12.7% during the third quarter. The ranking of 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 growth of 2.6%, the United States of 2.3%, Germany of 1.7%, Switzerland of 1.7%, Indonesia of 1, 55%, Canada by 1.3%, the United Kingdom by 1.1%, South Korea by 0.3% and China by 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%, due to the growth of the oil sector by 12.7%, the non-oil sector by 2.6% and the public sector of 1.1%.
GDP also grew 7% during the year on an annual basis, which is the fastest growth rate in 9 and a half years (i.e. from the first quarter of 2012, when it grew by 8.7%).
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