According to the OECD, Saudi Arabia’s GDP growth surpasses the G20 average.

RIYADH: Saudi Arabia’s economy grew by 1.4 percent in the first quarter of 2024, surpassing the G20 average, according to new data from the Organisation for Economic Co-operation and Development (OECD).

The OECD’s latest GDP report for G20 countries shows that Saudi Arabia rebounded from a 0.6 percent contraction in the previous quarter. In comparison, the G20 area’s GDP grew by 0.9 percent quarter-on-quarter in the first quarter of 2024, up from 0.7 percent in the previous quarter.

China and India primarily drove the G20’s economic performance, with Turkiye, Korea, and Indonesia also experiencing higher GDP growth than the G20 average.

Turkiye led with a 2.4 percent increase, followed by India at 1.9 percent, China at 1.6 percent, Korea at 1.3 percent, and Indonesia at 1.2 percent.

The report highlighted Saudi Arabia’s significant recovery amid varied economic conditions across other G20 countries.

The US saw a slowdown, with GDP growth dropping to 0.3 percent in the first quarter from 0.8 percent in the previous quarter. Japan’s economy contracted by 0.5 percent, and South Africa saw a contraction of 0.1 percent.

Conversely, Brazil, the UK, and Germany showed signs of recovery in the first quarter of 2024 after previous contractions, with growth reaching 0.8 percent, 0.6 percent, and 0.2 percent, respectively.

Canada, Mexico, and the EU grew by 0.4 percent, 0.3 percent, and 0.3 percent, respectively, in the first quarter after zero growth in the final quarter of 2023.

Year-on-year, GDP in the G20 area grew by 3.3 percent in the first quarter of 2024, maintaining the same growth rate as the previous quarter. India recorded the highest year-on-year growth rate among G20 economies at 8.4 percent, followed by Turkiye at 7.4 percent. However, Saudi Arabia experienced the most significant year-on-year decline, with a drop of 1.5 percent.

A separate report by the General Authority for Statistics (GASTAT), released earlier in June, indicated that Saudi Arabia’s non-oil activities rose by 0.9 percent in the first quarter compared to the previous quarter, and by 3.4 percent year-on-year.

GASTAT noted that Saudi Arabia’s GDP amounted to SR1.01 trillion ($270 billion) in the first quarter, with crude oil and natural gas activities contributing the highest at 23.4 percent, followed by government activities at 15.8 percent, and wholesale and retail trade, restaurants, and hotels at 10.4 percent.