Saudi Arabia Macroeconomic Developments
- The International Monetary Fund (IMF) raised Saudi Arabia’s growth forecast to 7.6 percent for 2022. The IMF also raised Saudi Arabia’s 2023 growth forecast to 3.6 percent due to the impact of expected gains from higher oil prices. Global GDP is expected to grow 3.6 percent for both 2022 and 2023, according to the IMF.
- Saudi Arabia’s crude exports rose to 7.31 million barrels per day (bpd) in February, according to official data. This marked the highest level since April 2020. Saudi crude exports were up 4.4 percent from the 7 million bpd recorded in January. Saudi crude production also rose to its highest level in nearly two years at 10.23 million bpd in February.
- Saudi Arabia’s holdings of U.S. Treasuries fell to SAR437.6 billion ($116.7 billion) in February. The figure reflected a decline of SAR10.1 billion ($2.7 billion) from January. Saudi holdings of U.S. Treasuries have followed a general downward trend in the Saudi Central Bank’s holdings of foreign securities since February 2020.