Saudi Arabia’s macroeconomic prospects positive on expected increase in 2022 oil activities: Report

Logo of Saudi Central Bank 

Saudi Arabia’s macroeconomic prospects remain positive, supported by the expected increase in 2022 oil activities, the Saudi Central Bank (SAMA) said in 2021 sustainability report.

With the expected oil production increase in 2022, oil activities will likely return to be a major driver of Saudi economic growth.

In light of the current geopolitical tensions, there is a possible disruption in supply chains, which may lead to the emergence of new channels of energy trade.

According to International Monetary Fund (IMF) estimates, the Saudi economy would grow by 7.6% in 2022, driven by the significant growth in oil sector, along with strong and sustainable growth levels of non-oil GDP.

The ongoing implementation of Vision 2030 will contribute to increasing the non-oil GDP growth.

SAMA’s foreign exchange reserves reached SAR 1.707 trillion at the end of 2021, which are sufficient to meet the requirements of the national economy in terms of foreign exchange, as these reserves cover 35.4 months of imports.