Saudi Gazette report

RIYADH — Saudi Arabia ranked second among the G20 countries in terms of the best economic performance during the third quarter of 2021, with posting a growth of 5.7 percent on a quarterly basis.

An analysis of indices issued by the G20 countries and the International Monetary Fund showed that the Saudi economy recovered from the repercussions of coronavirus at a faster pace than the major economies globally, according to Al-Eqtisadiah newspaper.

Saudi Arabia’s robust economic recovery has mainly been attributed 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 higher production within the agreement among the OPEC alliance + countries.

On a quarterly basis, Saudi Arabia comes second next to India, whose economy posted a growth of 12.7 percent during the third quarter. The ranking of 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%, 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%.

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

On a quarterly basis, the Saudi economy, with GDP at constant prices, recorded a growth of 5.7 percent as a result of the growth of the oil sector by 12.7 percent, the non-oil sector by 2.6 percent and the government sector by 1.1 percent.

The GDP also rose by 7 percent during the period on an annual basis, which is the fastest growth rate during the span of 9 and half years since the first quarter of 2012, when it posted a growth of 8.7 percent.