GDP Growth in Saudi Arabia Exceeds the G20 Average: OECD

GDP Growth in Saudi Arabia Exceeds the G20 Average: OECD

According to fresh data, Saudi Arabia’s GDP expanded by 1.4% in the first quarter of 2024, which was greater than the G20’s overall growth rate.

The Kingdom recovered from a 0.6 percent decline in the preceding three months, according to the Organization for Economic Co-operation and Development’s most recent assessment on the gross domestic product of the G20 nations.

In the first quarter of 2024, the GDP of the G20 region expanded by 0.9 percent on a quarterly basis, a little increase from the previous quarter’s 0.7 percent growth.

China and India were the main drivers of the G20 region’s economic success; Turkey, Korea, and Indonesia also saw faster GDP growth than the average G20 country.

Turkey was first with a 2.4 percent gain, then India, China, Korea, and Indonesia, at 1.9, 1.6, and 1.2 percent, respectively.

The analysis made clear that although Saudi Arabia saw a notable economic rebound, the other G20 nations saw differing circumstances.

The US experienced a slowdown, with GDP growth falling from 0.8 percent in the previous quarter to 0.3 percent in the first three months of the year.

South Africa’s economy shrank by 0.1 percent, while Japan’s shrank by 0.5 percent.

On the other hand, following three months of contractions, Brazil, the UK, and Germany displayed indications of recovery in the first quarter of 2024, with growth of 0.8 percent, 0.6 percent, and 0.2 percent, respectively.

Following zero growth in the last quarter of 2023, Canada, Mexico, and the EU experienced growth of 0.4 percent, 0.3 percent, and 0.3 percent, respectively, in the three months ending at the end of March.

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