In a sign of the improvement in the performance of the Saudi economy this year, Standard & Poor's S&P affirmed its long- and short-term sovereign credit rating in local and foreign currencies at A- /A-2 with a positive outlook.
The agency stated in a report that the positive outlook reflects the strong GDP growth in addition to the increasing growth of the non-oil economy.
The GDP of the oil sector grew 23% in the second quarter thanks to the rise in oil production and prices above $100 a barrel, while the non-oil sector grew by 8.2%, the fastest pace of growth since the second quarter of 2011.
Standard & Poor's expects the Kingdom's GDP growth to reach its highest level in 10 years to reach 7.5% in 2022, with an expected fiscal surplus in the budget of about 6.3%. Fixed rate rate.
The S&P expected inflation rates to continue to be controlled as a result of government support for fuel and food prices, in addition to the currency's link to the relatively strong dollar.
