Moody’s Upgrades Saudi Arabia’s Credit Rating to Aa3 with Stable Outlook Rating Upgrade Reflects Progress in Economic Diversification and Non-Oil Sector Growth

Translate In Arabic

The agency highlighted the Kingdom's effective fiscal management, noting its focus on expenditure priorities and enhancing spending efficiency. These efforts have played a crucial role in supporting the sustainable development of Saudi Arabia’s non-oil economy, maintaining a strong fiscal position, and ensuring continued economic stability.

Moody’s projected a relatively stable fiscal deficit for Saudi Arabia, ranging between 2%-3% of GDP, and expects the non-oil private sector GDP to grow by 4-5% in the coming years, positioning the Kingdom among the highest in the Gulf Cooperation Council (GCC) region. This growth is a testament to the success of the country’s ongoing diversification efforts.