Riyadh, MINA – Saudi Arabia has overtaken India as the world’s fastest growing major economy, with the non-oil sector seeing the fastest growth in more than a year.

The Kingdom’s non-oil economy grew 6.2% a year in the fourth quarter of last year, the highest level since the third quarter of 2021, according to the General Statistics Authority. The oil economy grew by 6.1%, according to data released on Tuesday (31/1/2023), MEE reported.

Overall, the economy grew by around 8.7% last year, according to the Saudi government, in line with International Monetary Fund (IMF) forecasts, putting the oil-rich kingdom far ahead of the growth rate. 6.8% from India.

Speaking at the World Economic Forum in Davos in January, IMF chief Kristalina Georgieva said her agency viewed Saudi Arabia’s growth rate “with gratitude” as a boon to the global economy.

Saudi Arabia is posting one of its fastest economic growth in decades amid windfall oil revenues as war in Ukraine has driven up energy prices.

Empire Growth stands out at a time when much of the world is preparing for a recession. Saudi Arabia and the other Gulf countries have generally avoided the worst global inflation in history, exacerbated by rising energy prices.

The kingdom uses its huge oil profits to pursue megaprojects such as the $500 billion Neom megacity, a new airport in Riyadh and the Red Sea project.

Riyadh is also looking for strategic mining and mining assets overseas while investing in everything from Korean anime to US tech stocks. In 2021, Saudi acquired English football club, Newcastle United. (T/RI-1/RS2)

Mi’raj News Agency (MINA)