S&P AFFIRMS SAUDI ARABIA’S RATING ON ‘ROBUST GDP GROWTH’ AS OIL PRICES TRADE HIGHER

With assets totaling 496 billion Saudi riyals ($132.26 billion), the National Development Fund also contributes to the kingdom’s economy through a number of funding initiatives.

Through its affiliates, the fund has invested more than 690 billion riyals in the Saudi economy since its establishment in 2017.

The kingdom’s real GDP increased by 11% in the first half of 2022, the most in more than a decade, thanks primarily to a 22% jump in oil activity. Mining and quarrying, wholesale and retail commerce, and manufacturing all contributed more to the 5.9% increase in non-oil GDP during the same time period.

The International Monetary Fund projects that Saudi Arabia’s economy would grow by 7.6% this year after expanding by 3.2% last year, making it one of the fastest-growing in the world by 2022.

Due to increasing oil prices, Saudi Arabia’s economy expanded by 12.2% in the second quarter, exceeding early projections and doing so at its quickest rate in more than ten years, according to the General Authority for Statistics (Gastat) of the country.

According to Gastat, Saudi Arabia will likewise resume having budget surpluses, with 6.3% of GDP in 2022 and 3.5% in 2023.

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