SAUDI DOWN $130 BLN
With oil prices stuck at $50 per barrel, the Saudi Arabia's annual export income will be around $130 billion lower this year in comparison to last year, Jason Tuvey, Middle East Economist at British economic research and consulting company Capital Economics said in a report obtained by Trend.
"As a result, the current account position is likely to have slipped from a surplus of 10.9 percent of GDP in 2014 to a deficit of around 7.5 percent of GDP this year", he said.
"The crucial point here is that Saudi Arabia is now reliant on foreign currency in order to fund domestic spending," Tuvey added.
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.