Saudi budget deficit estimated at $5 billion for 2002
Saudi Arabia's budget deficit for 2002 could reach five billion dollars, forecasted the Saudi American Bank. The Saudi government’s estimation is significantly higher at $12 billion, based on a $17 price per barrel of oil. The Economist Intelligence Unit predicts that the Kingdom’s deficit will reach $6.6 billion.
Saudi Arabia’s numerous years of budget deficits have led to a national debt approaching SR 638 billion ($170 billion), almost equal to the country’s gross domestic product (GDP). As a result, debt servicing, which exceeds SR 15 billion (four billion dollars) per year, seriously erodes the budget. — (menareport.com)
© 2002 Mena Report (www.menareport.com)