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Briefing
Saudi Arabia: Fiscal Policy
Appears in:
Middle East and Africa, Macroeconomy, Gulf Cooperation Council, Saudi Arabia, Fiscal Policy
Critical Issues
Background:
Despite a projected dramatic decline in revenues as the price of oil falls, the Saudi government boosted spending in 2009. The 2009 deficit was even larger than the SR65 billion projected; the first deficit since 2004. A large stock of foreign assets and low public debt (13.5% of GDP in 2008) meant Saudi Arabia was easily able to manage the deficit. Saudi Arabia's 2009 budget increased investment spending by 36%. Saudi Arabia has increased government spending significantly, especially on infrastructure projects and on social services. Higher government expenditure helped pick up some of the slack in the economy in 2009.
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Associated Readings
Analysis
Middle East Economic Survey
May 25, 2009
Saudi Arabia Maintains Ambitious Economic Plans Despite Slowdown
Analysis
Standard Chartered Middle East Daily
May 25, 2009
Spending picks up in Saudi Arabia
News
Financial Times
Dec 23, 2008
Saudi Arabia to boost public spending
Analysis
Jadwa Investment
Dec 23, 2008
Saudi Arabia's 2009 Budget
Opinions
Gulf News
Dec 23, 2008
Saudi Arabia: An expansionary budget that builds confidence
Analysis
SAMBA Financial Group
Jan 26, 2009
Saudi Arabia: the 2009 Budget and Macroeconomic Prospects
Analysis
Standard Chartered Middle East Daily
Dec 23, 2008
Saudi Arabia in 2008 and 2009
Analysis
NCB Capital
Dec 30, 2008
Saudi Arabia’s 2009 Budget Report: Fiscal Policy Remains Expansionary
Analysis
Riyad Bank
Dec 29, 2008
Saudi Arabia: Government Expenditures and Output; A simple Multiplier Approach
Analysis
RGE Monitor
Dec 24, 2008
Saudi 2009 Budget: Deficit -Bound
News
Arab News
Dec 23, 2008
King Unveils Visionary Budget
Analysis
IMF
Oct 20, 2008
Regional Economic Outlook: Middle East and Central Asia October 2008
Analysis
Merrill Lynch
Oct 09, 2008
GCC Quarterly: big cushions help soft landing
Research
IMF
January 2007
Public Debt and Fiscal Vulnerability in the Middle East
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