Executive Summary
- Saudi Arabia’s economic momentum is expected to continue well into 2022 on back of expected increase in oil production. Economic activity in the Kingdom of Saudi Arabia (KSA) witnessed sharp rebound, registering real GDP growth of 9.6% y-o-y in Q1 2022 and the momentum is expected to continue in the remainder of the year.
- Oil prices are expected to remain well above USD 100/bbl. in 2022 (Brent spot average of USD 107.37/bbl. is forecasted by EIA for 2022) on the back of rising demand and tightening supply. The rise in oil prices has improved government revenue, which augurs well for the economy. Saudi Arabia recorded quarterly surplus in Q1 2022 for the first time in 6 years mainly driven by higher oil prices. The kingdom recorded surplus of SAR 57.5 billion (USD 15.3 billion) witnessing a rise in output from all sectors. Oil production was 10.3 million bpd in March 2022, which represented a growth of 26.7% y-o-y.
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