The credit rating agency "Moody's" affirmed in its credit report for the Kingdom of Saudi Arabia its rating at "A1" with a stable outlook.
The agency also suggested that the positive growth of the Kingdom’s real GDP would continue by 5.0 percent in the period from 2021 to 2023 on average, supported by further recovery from the Corona pandemic, in addition to the remarkable progress in economic diversification, development and capital projects, and limiting the decline in oil production.
In parallel, the estimates of the Saudi General Authority for Statistics showed that the real GDP increased by 9.9 percent in the first quarter of 2022, on an annual basis. On a quarterly basis, the seasonally adjusted GDP grew by 2.6 percent.
The authority attributed the economic growth mainly to the significant increase in oil activities, which amounted to 20.3 percent on an annual basis and 2.9 percent on a quarterly basis, the growth in non-oil activities reached 3.7 percent on an annual basis, and 0.9 percent on a quarterly basis. Government activities recorded a growth of 2.4 percent on an annual basis, while they witnessed a decrease of 0.9 percent on a quarterly basis. The per capita GDP amounted to 26.96 thousand riyals in the first quarter of 2022, an increase of 33.8 percent from the first quarter of 2021, and 13.6 percent from the fourth quarter of 2021.
Source (Al-Arabiya.net Website, Edited)
