Saudi Arabia continues on economic growth
21 Dec 2015
(MENAFN) Saudi Arabia foreign assets are a confidence supporter but the government is searching for a better, substitute income sources that won’t erode the nation’s advantage.
Furthermore, the country has the financial gravity to continue spending on improvement despite the decline in oil incomes, net foreign assets stood at USD 640bn in Oct.
“Saudi development policy has always been strategically anchored and it is highly unlikely that the oil cycle (which is what it is) would meaningfully derail this,” said a Gulf-based local analyst.
Oil accounts for almost 80 percent of government income and 45 percent of GDP, while the government’s deficit is predicted to come in at about USD 106.4mn to USD 133mn.