Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s economy grew 9.9 percent in Q1 YoY, the highest growth rate since 2011. ‘Crude petroleum & natural gas’ rose 20.7 percent, ‘petroleum refining’ rose 17.3 percent, and ‘wholesale & retail trade’ rose 6.3 percent.
- Industrial production rose 26.7 percent YoY in April, according to the General Authority for Statistics (GAStat). The headline index reached the highest level in three years as oil & gas, industrial production, and manufacturing activity expanded. ‘Mining and quarrying,’ which includes oil activity, grew 28 percent as the Kingdom raised oil production.
- Moody’s affirmed Saudi Arabia’s credit rating at ‘A1’ with a stable outlook, citing effective fiscal policies. The agency anticipated further post-pandemic recovery, progress on economic diversification, and development projects will drive an average 5 percent GDP growth rate through 2023.
