SP revises Saudi Arabia’s outlook to ‘positive’

SP revises Saudi Arabia’s outlook to ‘positive’

Rating agency S&P revised Saudi Arabia’s outlook to “positive” from “stable” on Friday, citing improving GDP growth and fiscal dynamics over the medium term. S&P affirmed the country’s rating at “A-/A-2”.

Saudi GDP rose by 3.3% in 2021, according to official statistics released last week, a turn from the 4.1% contraction in 2020, when oil crashed and economies across the world were hammered by the pandemic.

Oil prices leapt 50% last year as demand recovered, and then surged above $100 a barrel to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.

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