Saudi economy achieves first budget surplus since 1981
A Saudi economic specialist estimates the current Saudi budget to achieve a 50 billion Saudi riyals ($13.3 billion) surplus, which is the first budget surplus since 1981, reported Al-Hayat newspaper.
The budget’s total revenues were assessed at SR 157 billion ($41.9 billion) and the budget’s total expenditures were assessed at SR 158 billion ($42.1 billion). These revenues are based on the daily production of 7.6 million barrels of oil for a $14 per barrel oil price.
In addition, the specialist estimates the growth rate of the Saudi GDP by the end of 2000 at 14 percent compared to 12 percent last year. The Head of the Financing and Investment Consulting Center, Abdul-Aziz Al-Dakheil, estimates the value of the local GDP at SR 596 billion ($159 billion) by the end of 2000.
The core reason for this tremendous GDP growth rate is the rising international oil revenues, whereby these revenues constitute 43 percent of the country’s GDP. — (Albawaba-MEBG)