{"id":202820,"date":"2021-07-16T08:22:12","date_gmt":"2021-07-16T08:22:12","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=202820"},"modified":"2021-12-07T00:44:26","modified_gmt":"2021-12-07T00:44:26","slug":"saudi-arabias-outlook","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/saudi-arabias-outlook\/","title":{"rendered":"Fitch lifts Saudi Arabia\u2019s outlook to stable"},"content":{"rendered":"

Fitch Ratings has changed Saudi Arabia\u2019s sovereign rating to \u201cA\u201d with a \u201cstable\u201d outlook, expecting the government\u2019s debt-to-GDP ratio to rise.<\/p>\n

Saudi foreign funds are still large, despite the decline in recent years, according to the agency.<\/p>\n

The agency said that the rise in oil prices represents a test for the reform momentum, including the total wages and subsidies in Saudi Arabia.<\/p>\n

Nevertheless, Fitch<\/a> expects the Saudi budget deficit to shrink to 3.3% of GDP in 2021.<\/p>\n

Saudi Arabia\u2019s outlook<\/h2>\n

Monetary policy tends to be in line with oil price trends, the agency said, expecting budget spending to remain better based on budget plans in 2021,<\/p>\n

In its report today, Fitch confirmed that unemployment among Saudis has decreased since 2020.<\/p>\n

In a separate context, the rise in commodity prices globally led to an increase in inflation in the Kingdom of Saudi Arabia, last June, compared to the previous month.<\/p>\n

The Saudi Statistics Authority said that consumer prices rose to 6.2% in June, compared to 5.7% last May, driven by the rise in commodity prices globally.<\/p>\n

According to the authority, the value-added tax, which the authorities began implementing in the middle of last year, still casts a shadow on consumer prices.<\/p>\n

On an annual basis, the prices of several groups increased, most notably the increase in transport prices by 22.6%, affected by the increase in vehicle purchase prices by 10.6%, and the operating prices of personal transport equipment by 56.2%.<\/p>\n

Food and beverage prices increased by 8.1%, affected by an 8% increase in food prices. Tobacco prices increased by 12.3%. The communications sector prices increased by 13.2%.<\/p>\n

The consumer price index in Saudi Arabia reflects changes in the prices that consumers pay for a fixed basket of goods and services consisting of 490 items.<\/p>\n

Inflation in Saudi Arabia also rose last June for the 18th<\/sup> consecutive month, as it contracted during 2019, and then began to rise since then.<\/p>\n

The new Coronavirus pandemic affected the global economy in general, including Saudi Arabia, especially with the decline in oil prices to its lowest levels, accompanied by a lack of demand for it, in addition to long months of closure to confront the outbreak of the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has changed Saudi Arabia\u2019s sovereign rating to \u201cA\u201d with a \u201cstable\u201d outlook, expecting the government\u2019s debt-to-GDP ratio to rise. Saudi foreign funds are still large, despite the decline in recent years, according to the agency. The agency said that the rise in oil prices represents a test for the reform momentum, including the […]<\/p>\n","protected":false},"author":4,"featured_media":202823,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,576],"class_list":["post-202820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-saudi-arabia"],"yoast_head":"\nFitch lifts Saudi Arabia\u2019s outlook to stable| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Fitch changed Saudi Arabia\u2019s sovereign rating to \u201cA\u201d with a \u201cstable\u201d outlook, expecting the government\u2019s debt-to-GDP ratio to rise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/saudi-arabias-outlook\/\" 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