Current Account in Saudi Arabia

Saudi Arabia Current Account | Economic News & Forecasts

Saudi Arabia - Current Account

The economy logged its first contraction in nearly two years in the third quarter. The drop reflected oil production cuts in compliance with the OPEC+ deal and a terrorist attack on the Kingdom’s oil facilities in September, which effectively shut down more than half of the country’s oil production. Conversely, the non-oil sector continued to expand vigorously due to strong credit growth and policy support. Looking to Q4, despite a moderation in December, the non-oil sector remained strong in the period. The 2020 budget approved in mid-December suggests that fiscal stimulus could moderate this year as the fiscal plan focuses on financial stability and includes a cut in government spending, mostly in capital expenditure. Moreover, the government projects a deficit of 6.4% of GDP for 2020, wider than the 4.7% shortfall the government estimated for this year.

Saudi Arabia - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)18.1  9.8  -8.7  -3.7  1.5  

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Saudi Arabia Current Account Chart

Saudi Arabia Current Account
Note: Current account balance as % of GDP.
Source: Central Department of Statistics and Information.

Saudi Arabia Facts

Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

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