Reforms in the past few years, including measures to drive non-oil economic growth and widen the non-oil tax base, alongside significant social liberalization, should continue to improve Saudi Arabia's economic and fiscal profile. Large cuts in Saudi oil production in 2023 are expected to dampen real GDP growth and drive a fiscal deficit, although increasing production and strong non-oil growth from 2024 onward will lead to a rebound in growth and a return to fiscal surpluses. We therefore affirmed our 'A/A-1' unsolicited ratings on Saudi Arabia. The outlook remains stable. On Sept. 15, 2023, S&P Global Ratings affirmed its 'A/A-1' foreign and local-currency unsolicited sovereign credit ratings on Saudi Arabia. The outlook is stable. At the same time, we maintained
