Saudi economy likely to grow 7.4% in 2022: Al-Jadaan

Saudi Minister of Finance, Mohammed Al-Jadaan

Saudi Arabis’ economy is expected to grow by nearly 7.4% this year, Minister of Finance Mohammed Al-Jadaan said in a Davos panel.  
 

Oil contributes 90% to this growth. Oil production accounts for 70% of the oil sector, while other petroleum products represent the remaining 30%.
 

The Saudi minister expected inflation to range between 2.1% and 2.3% in 2022. 

Elsewhere, Al-Jadaan added that the Kingdom is considering financial sustainability standards. The Public Investment Fund (PIF) will benefit from this surplus, along with reserves.
 

The Kingdom posted a budget surplus of SAR 57.5 billion in Q1 2022, the highest quarterly level in over six years, Argaam earlier reported. Revenue reached SAR 278 billion, while expenditure stood at SAR 220.47 billion.
 

The Minister of Finance budgeted a surplus of nearly SAR 90 billion in 2022.