Saudi Arabia has been ranked second among G20 countries for its promising economic performance in the third quarter of 2021 with quarterly growth of 5.7 percent.
According to an analysis of indices published by the G20 countries and the International Monetary Fund (IMF), the Saudi economy recovered from the consequences of the coronavirus pandemic at a faster pace when compared to the major economies across the globe.
The strong economic recovery of the Kingdom has mainly been attributed to the implementation of plans to diversify the economy, which led to robust 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 came second next to India, whose economy posted a growth of 12.7 percent during the third quarter. Followed by the Kingdom, Argentina (4.1 percent), France (3 percent) and Turkey (2.7 percent) got among the top five positions of the index.
Among the G20 nations, Brazil (-0.1 percent), Mexico (-0.4 percent), Russia (-0.8 percent), Japan (-0.9 percent) and South Africa (-1.5 percent) recorded an economic contraction during the period.
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.
Further, the GDP of the country 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.
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