S&P Agency affirms rating Saudi Arabia at ‘A-‘

S&P analysts did not change the long-term rating of Saudi Arabia. It was kept at the “A-” level. At the same time, the outlook on the country’s rating was improved to positive. The agency’s review notes good economic prospects for Saudi Arabia. The country successfully coped with the consequences of the pandemic. The growth of the country’s economy will also be facilitated by implementing the reform program, which the government previously developed. According to the S&P forecast, Saudi Arabia will end the current year with a gross domestic product growth of 5.6%. The country’s economy will grow by 2.7% per year in the future. The state budget surplus could reach 3.3% of GDP this year. From 2023 to 2025, it will be at the level of 0.6% of GDP. Also, S&P analysts predict an increase in oil production in Saudi Arabia this year by 1.4 million b/s to 10.5 million b/s. In the previous three years, the country’s oil production ranged from 9.1 to 9.8 million b/s.

Source: xCritical.com