The Saudi economy outperformed compared to the ten largest economies in the world during the second quarter of this year, which is the height of the impact of the Corona pandemic on global economies.
Although the Saudi economy contracted by 7% during the second quarter, it was the best in terms of economic performance in nine of the ten largest economies in the world. While only the Chinese economy surpassed it, with a growth of 3.2 percent, and therefore the Saudi economy is the second best performance compared to the top ten in the world during the height of the pandemic.
And all the economies covered in the report shrank during the height of Corona, and came in order as follows: China -6.8%, Saudi Arabia -7%, Germany -9.7%, and Brazil -11.4, and behind it came Italy with an economic contraction -12.8%, France -13.8%, the United Kingdom -20.4%, India -25.2%, Japan -28.1%, and the United States the most shrinking by -31.4% during the second quarter of this year, compared to the same period last year.
The contraction in the Saudi economy came due to the oil sector shrinking by 5.3 percent, while the non-oil sector shrank by 8.2 percent due to the private sector shrinking 10.1 percent, and the government sector 3.5 percent due to the complete closure during the second quarter.
Source (Al-Arabiya.net, Edited)