Saudi current account surplus reaches record level of 95.5 billion dollarsNovember 14th, 2007 - 10:22 am ICT by admin
The IMF praised Saudi Arabia’s macroeconomic performance, which in a report said that that strong performance was underpinned by buoyant private sector activity, prudent economic policies and a further increase in oil prices.
The report stresses that the large overall surplus generated from high oil prices has enabled the government to reduce its gross domestic debt by 11 percentage point to 27.9 percent of GDP.
One of the points raised in the report is that although oil production fell by 1.5 percent of the GDP in line with OPEC’s decision to cut output, non oil growth rose to 6.3 percent backed by an expansionary fiscal policy and rising private sector activity.
The Saudi Government is currently trying to increase the country’s oil production capacity through an 80 billion dollars investment programme. (ANI)
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