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Oil-producing gulf economies have outperformed major global players in 2022 as energy prices soared throughout the year, according to the latest figures from the International Monetary Fund. 

Saudi Arabia is the fastest growing economy in the G20 bloc, outstripping countries across Europe struggling with spiralling inflation and endemic stagnant growth. 

The Saudi economy grew by 8.5% during 2022, according to the IMF’s report. 

In figures published today by the Saudi finance ministry, the kingdom’s budget surplus has increased by 102 billion riyals this year - around 27 billion dollars, accounting for 2.6% of the country’s GDP. 

Iraq - another large-scale oil exporter in the region - is growing at 9.5%, an even faster rate than Saudi Arabia. 

Rocketing energy prices have been a much-needed boon to the Iraqi coffers after decades of war, inequality and corruption have left the country’s economy on its knees. 

It remains to be seen whether the positive economic outlook will be reflected in increased employment and provision of public services. 

In Iraq, basic services such as water supply, electricity and health, have made living conditions unbearable for swathes of the population for years.