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Economy, Investigations

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Saudi Arabia to remain stable as oil prices boost economy: Fitch

By TRENDS Desk
July 16, 2021 7:30 am

    • Fitch Ratings reaffirms the kingdom’s sovereign ratings

    • It expects the kingdom’s budget deficit to narrow to 3.3 percent of GDP this year

    Thanks to a boost it received from higher oil prices and as the world’s largest crude exporter, Fitch has revised its outlook for Saudi Arabia from negative to stable, and also reaffirmed the kingdom’s sovereign ratings.

    The ratings agency expects the Saudi budget deficit to narrow to 3.3 percent of gross domestic product this year — better than the 4.9 percent targeted in the state budget, it said in a report on Thursday.

    It attributed its revision to “significantly higher oil prices and continued government commitment to fiscal consolidation,” and said it expected the central bank’s reserves to increase in 2022 and 2023 as the current account returns to surplus.

    “Higher oil prices in 2021 are nonetheless a test for reform momentum, including on the wage bill and subsidies, the agency said. “Planned reforms in these areas may well slow.”

    Fitch also forecast a rise in the government debt to GDP ratio to 35 percent by the end of 2023.

     

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