Saudi Arabia: 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl
IMF Staff Country Reports, September 9, 2015
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- Saudi Arabia: 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl
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Bibliographic details
- Published: September 9, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513551111.002
Summary findings
- Rising oil prices and production resulted in large external and fiscal surpluses.
- Real GDP growth is projected to slow to 2.8 percent in 2015, and then further to 2.4 percent in 2016 as government spending begins to adjust to the lower oil price environment.
- Government debt was 1.6 percent of GDP at end-2014.
- The current account surplus declined to 10.9 percent of GDP in 2014.
- The current account is expected to move into a small deficit in 2015 but return to surplus during 2016–20.
- Over the medium term, growth is expected to be about 3 percent.
- Inflation is likely to remain subdued.
Macro outlook and fiscal context
- Oil-driven external and fiscal surpluses supported the economy prior to the adjustment.
- Fiscal adjustment is under way through government spending adjustments in response to the lower oil price environment.
- Government debt remains very low, recorded at 1.6 percent of GDP at end-2014.
External balance projections
- Current account:
- 2014: surplus of 10.9 percent of GDP.
- 2015: expected to move into a small deficit.
- 2016–20: expected to return to surplus.
Growth and inflation prospects
- Real GDP growth projections:
- 2015: 2.8 percent.
- 2016: 2.4 percent.
- Medium term: about 3 percent.
- Inflation: likely to remain subdued.
Source: Saudi Arabia: 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl, September 9, 2015 (IMF Staff Country Reports 2015, No. 251).
Content in this bundle
- 1. Saudi Arabia’s Corporate Sector
- _cr15251a