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FINANCIAL NEWS
Fitch expects Saudi Arabia to run surplus in 2012
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.
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