Economy

With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. Saudi Arabia is expected to be among the fastest-growing economies in the G20 in 2022 – and the Kingdom was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 GDP expanded by 9.9% year-on-year, and 2.6% quarter-on-quarter. Saudi Arabia has therefore successfully bounced back from the global downturn accompanying the Covid-19 pandemic. It has also left behind the period of slower growth that the Kingdom witnessed prior to the health crisis, following the 2014 downturn in global oil prices.