RIYADH: According to fresh data, Saudi Arabia’s economy expanded by 1.4% in the first quarter of 2024, higher than the G20’s overall growth rate.
According to the Organization for Economic Co-operation and Development’s most recent report on the gross domestic product of the G20 nations, the Kingdom recovered from a 0.6 percent contraction in the preceding three months. In the first quarter of 2024, the GDP of the G20 region grew by 0.9 percent quarterly, a slight increase from the previous quarter’s 0.7 percent growth.
China and India were the main drivers of the G20 region’s economic performance; Turkey, Korea, and Indonesia also saw faster GDP growth than the average G20 country.
Turkey first had a 2.4 percent increase, then India, China, Korea, and Indonesia, at 1.9, 1.6, and 1.2 percent, respectively. The analysis showed 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. Canada, Mexico, and the EU grew by 0.4 percent, 0.3 percent, and 0.3 percent, respectively, in the three months to the end of March, after zero growth in the final quarter of 2023.
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