FINANCIAL NEWS

Saudi to record 12 percent budget deficit of GDP in 2015

15 Jul 2015

(MENAFN) Saudi Arabia is set to register a deficit in budget of 12 percent of Gross Domestic Product (GDP) this year, spurred by lower revenues from oil and increasing expenditure, Gulf News reported.

Last year, Saudi recorded a budget deficit of -2.3 percent of GDP, which marked an unprecedented occurrence for the past ten years. As for other GCC countries, Oman and Bahrain are forecast to record the most declining budgets due to lower oil prices.

“Oman and Bahrain are expected to run the largest fiscal deficits in the GCC this year, and while we are confident that the budgets can be financed, these countries are facing the most pressure to rationalize spending,” an official said.

More News

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