Saudi economy to grow 7.7% in 2022

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Saudi Arabia’s economy is forecast to grow 7.7 percent this year fueled by the expansion of the Kingdom’s oil sector, according to a report from Jadwa Investment.

The investment management and advisory firm sees the oil sector increasing by 15.5 percent, but it also estimates the level of ‘non-oil activities’ to grow by 3.4 percent.

This will help fund a current account surplus equal to 7.6 percent of gross domestic product. On a micro level, Jadwa’s report says consumer confidence in Saudi Arabia is at a record high and will likely lead to a spending boom in the coming months.—AN

 

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