Increased demand for oil supports the Saudi economy (Getty)
Rating agency modifiedStandard & Poor’s“Future expectations” for Saudi Arabia From stable to positive due to improvement GDP growth and fiscal dynamics in the medium term.
The agency confirmed that Saudi Arabia’s credit rating was fixed at A-/A-2.
Standard & Poor’s said, according to “Archyde.com” today, Saturday, that the increase in demand has boosted Saudi crude oil more, as some countries are trying to reduce imports from Russia.
In its report, the agency expected that the growth of Saudi Arabia’s real gross domestic product for the current year would rise to 5.8 percent, and that the average would reach 2.7 percent during the period from 2023 to 2025.
She pointed out that “the rise in global oil prices and the increase in the volume of production, in addition to the recovery from the Covid-19 pandemic, support the growth dynamics of public finances and GDP in Saudi Arabia.”
Saudi Arabia’s gross domestic product rose by 3.3 percent in 2021, according to official statistics released a few days ago, in a shift from a 4.1 percent contraction in 2020 when oil prices collapsed and economies around the world were exposed to the Corona pandemic.
Oil prices jumped 50 per cent last year as demand recovered, then jumped above $100 a barrel to a 14-year high in February following Russia’s invasion of Ukraine, prompting Western nations to urge major producers to increase production.
(Archyde.com)
