Saudi Gazette - Saudi current account surplus to drop on lower oil revenues

Saudi Gazette - Saudi current account surplus to drop on lower oil revenues:

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Saudi Arabia’s current account (CA) surplus in 2013 will drop compared to last year because of lower oil export revenues, though the surplus will remain in the double-digit territory, Jadwa Investment in its latest update on the Saudi economy.

The Riyadh-based investment firm  forecast that  the surplus will decline to 14.2 percent of GDP from 23.2 percent of GDP last year. In dollar terms the surplus is expected to fall by 35.7 percent to $105.8 billion down from the all-time high of $164.8 billion recorded in 2012. Imports should grow on the back of healthy domestic demand and are likely to be faster than the expansion of non-oil exports. The invisibles balance, which consists of flows of remittances, incomes and payments and receipts for services, will remain in a large deficit. "

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