High global oil prices and increased oil production alongside stronger non-oil economic growth are supporting Saudi Arabia's fiscal and external metrics. We expect GDP to grow by a robust 7.5% this year and the government to run a fiscal surplus of 6.3%. Ongoing macroeconomic reforms should help boost the economy's productive capacity and support the longer term growth and fiscal trajectory. We affirmed our 'A-/A-2' ratings on Saudi Arabia. The outlook remains positive. On Sept. 16, 2022, S&P Global Ratings affirmed its 'A-/A-2' unsolicited long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia. The outlook remains positive. The positive outlook reflects strong GDP growth and fiscal dynamics, tied to the country's emergence from the COVID-19 pandemic,
