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Freshly-released official Saudi figures show the kingdom’s deficit falling to just $13.1bn for the first three quarters of 2018, and just $2bn for each of Q2 and Q3. The nine-month deficit is down a whopping 60% from the $32.4bn deficit over the corresponding period of 2017.
Pro-rating the nine-month figure suggests that Saudi Arabia is on track to post a full year deficit of just $17.5bn, not only by far the lowest since oil prices headed south in late 2014, but actually level with 2014 as a whole – when oil prices averaged $97/B, some 37% above the $71.1/B average for January-September 2018.
OIL PRICE HIKE
Higher oil prices in 2018 unsurprisingly made a huge impact in boosting the 2018 figures, as did a rise in tax receipts from economic reforms launched under Crown Prince Muhammad’s faltering Vision 2030 program. (CONTINUED - 823 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi Arabia's Finances ($ Bn)|