Saudi Arabia’s GDP drops by 28 percent

10 Apr 2016

(MENAFN) Standard & Poor’s Ratings Services predicted that KSA’s hydrocarbon sector valued almost 28 percent of GDP last year, down from 42 percent in 2014.

Accordingly, it’s predicted that real GDP growth will average 2 percent per year in 2016-2019, whereas it’s GDP per capita for this year worth USD 18.90mn.

In addition, the rating of the kingdom is encouraged by its strong external and financial stock positions, which will be maintained despite fiscal deficits.

The stable outlook on Saudi Arabia reflects the rating agency’s expectation that authorities will take steps to prohibit any decline in the government’s fiscal position.

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