07 Jan 2012
(MENAFN) Fitch Ratings issued a report showing that Saudi Arabia will still see a fiscal surplus of 4 percent of GDP despite the expected higher spending than budgeted this year, Arabian Business reported.
Fitch expected Saudi spending growth to moderate in 2012 compared with last year, adding that in 2011 spending growth reached 24 percent, the highest in a decade.
The ratings agency also said that there would still be a possibility for Saudi Arabia to run a deficit by 2015.
Assuming 7 percent spending growth, which would be lower than the annual average of 12.5 percent in 2002-2011, modest oil output growth, and an average oil price of USD100/b, the country, would run a deficit of 1 percent of GDP by 2015, Fitch explained.
Fitch kept Saudi Arabia’s ‘AA-‘ rating with a stable outlook, indicating that the kingdom’s high investment grade rating largely reflects the very strong sovereign and external balance sheet.
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more