Moody's Credit Rating Agency granted Saudi Arabia an A1 rating with a stable outlook while raising its forecast for Saudi GDP growth for the period 2018-2019 to 2.5% and 2.7% respectively, instead of its previous forecast of 1.3% and 1.5% for the same period registered in April of this year.
Moody's expects higher oil production to boost the economy, as well as developments in the non-oil sector to contribute to stronger growth in GDP, indicating that plans to diversify the Kingdom's economy away from oil are likely to contribute to raising the medium and long-term growth in the Kingdom.
Moody's reviewed and adjusted its fiscal estimations for the deficit, making its forecast for the government deficit of GDP for the period 2018-2019 at around 3.5% and 3.6%, respectively, instead of its prior forecast of 5.8 and 5.2 percent.
Source: (Al-Arabiya.net, Edited)
