Saudi Arabia’s non-oil sector, the engine of job creation, grew at the fastest pace in more than a year and helped the kingdom record the fastest overall growth among major global economies.
The non-oil economy grew an annual 6.2% during the fourth quarter of last year, the highest level since the third quarter of 2021, flash estimates from the General Authority for Statistics showed Tuesday. The oil economy rose 6.1% during the same period, thanks to high global crude prices.
Overall growth was an estimated 8.7% last year, the Saudi projections showed. That’s on a par with forecasts from the International Monetary Fund, which show the kingdom leading the ranks of top economies ahead of India at 6.8%. The only major country to shrink last year was Russia.
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