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.

An analysis of indicators issued by the twenty countries and the International Monetary Fund showed that the Saudi economy recovered from the repercussions of Corona at a faster pace 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 higher production within an alliance agreement. OPEC+.

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: 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%).