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FINANCIAL NEWS
Saudi’s 2012 fiscal surplus at 4% of GDP
06 Jan 2012
(MENAFN) Fitch Ratings said that during the current year, Saudi fiscal surplus would represent 4 percent of the country’s gross domestic product (GDP), reported Emirates 24/7.
The firm added that spending by the government would be expected to be more than budgeted, however, it would moderate compared to 2011, when it reached 24 percent, recording the highest level in ten years.
It also said that an overspending in line with the recent historical average would result in spending of USD225.56 billion and would boost the breakeven oil price to USD75 per barrel, adding that at the firm’s oil price assumption of USD100 per barrel, revenue would reach USD241.82 billion, giving a surplus of USD16.26 billion.
It is worth noting that Saudi might run a deficit of 1 percent of GDP by 2015, assuming 7 percent spending growth, which would be lower than the yearly average of 12.5 percent in 2002-2011, modest oil production growth, and an average oil price of USD100 per barrel.
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