The Cost of Oil’s Slump: Saudi Economy Shows Signs of Slowdown - Bloomberg Business:
"Saudi Arabia’s oil-fueled economic boom is showing signs of losing steam.
Official data released last week showed demand for loans growing at the slowest pace since 2011 and the kingdom’s currency reserves plunging for a third month in a row. An index reflecting the performance of the non-oil private economy fell to the lowest level in a year in May.
The numbers signal that the drop in oil prices is starting to hurt the biggest Arab economy at a time when the kingdom is undergoing sweeping political changes at home and waging a regional war. The government is moving ahead with spending plans that will widen the budget deficit to 20 percent of economic output, the International Monetary Fund says, fueling speculation it will tap debt markets to plug the gap."
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