Saudi Arabian Budget Deficit Set to Narrow in 2017 on Higher Oil Prices

By Zainab Calcuttawala Higher oil prices and well-planned spending will narrow the deficit in Saudi Arabia’s budget this year, according to a research note published by Merrill Lynch. In 2017, the shortfall should shrink to 12 percent of GDP, instead of the 16.9 percent deficit the country faced last year, Bank of America’s investment wing predicted. Non-oil sector growth coupled with improved liquidity will improve the budget “given the gradual pace of fiscal tightening,” the note said. The current budget predicts a $55-dollar barrel, but reaches…

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