Saudi Arabia: 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex

This 2016 Article IV Consultation highlights that real GDP growth in Saudi Arabia is expected to slow to 1.2 percent in 2016, but recover to 2 percent in 2017 as the pace of fiscal consolidation eases. Inflation has risen in recent months to more than 4 percent owing to increase in energy and water prices. Bank deposits have declined, but growth of credit to the private sector remains strong. Capital buffers are high, nonperforming loans low, and banks are well provisioned against loan losses. The current account deficit is projected to narrow to 6.4 percent of GDP in 2016 and then move close to balance by 2021 as oil prices partial recover.
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Volume/Issue: Volume 2016 Issue 326
Publication date: October 2016
ISBN: 9781475539523
$18.00
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Topics covered in this book

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Business and Economics , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , ISCR , CR , private sector , deficit , revenue reform , SDR Department , totaling SDR , liability positions vis-à-vis nonresident , government debt issuance , IFC activity , Oil prices , Fiscal consolidation , Oil , Credit , Global , East Asia , East Africa

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Summary

This 2016 Article IV Consultation highlights that real GDP growth in Saudi Arabia is expected to slow to 1.2 percent in 2016, but recover to 2 percent in 2017 as the pace of fiscal consolidation eases. Inflation has risen in recent months to more than 4 percent owing to increase in energy and water prices. Bank deposits have declined, but growth of credit to the private sector remains strong. Capital buffers are high, nonperforming loans low, and banks are well provisioned against loan losses. The current account deficit is projected to narrow to 6.4 percent of GDP in 2016 and then move close to balance by 2021 as oil prices partial recover.

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