There is reason for optimism among investors in Saudi Arabia as the kingdom’s budget deficit is set to narrow in 2017, as a result of higher oil prices and diversification measures increasing non-oil revenues, a report said.
Education and military expenditures take the top two spots in Saudi Arabia's 2017 budget, which estimates a spending of SR890 billion ($237.3 billion), an 8 percent increase from 2016.
Revenue is projected
Saudi Arabia’s austerity, privatization and taxation measures will not be sufficient to reduce the deficit to the desired extent, leading to the kingdom seeing a deficit of $80-$90 billion or 13 per cent of the GDP in 2016, a report said.
Egypt's current account deficit rose to $18.7 billion for the 2015-16 fiscal year that ended in June, from $12.1 billion last year, central bank data showed.
Egypt's economy is struggling to recover after a mass uprising i
Egypt's budget deficit widened to 11.2 per cent of gross domestic product in the first 11 months of the financial year, up from 10.8 percent a year earlier, the Finance Ministry said on Monday.
In its monthly report, the minis
Bahrain's non-oil foreign trade posted a deficit of BD177 million ($468.5 million) during July 2016, according to the kingdom's Information & eGovernment Authority.
The total value of imports reached BD326 million ($86
Oman's government posted a budget deficit of RO3.5 billion ($9.1 billion) in the first half of 2016
compared with a deficit of RO1.92 billion a year earlier, as low oil export prices slashed its revenues, provisional Finance Ministry
Economists have cut growth forecasts for most of the rich oil exporting countries of the Gulf as non-oil business activity slows because of government austerity measures, a quarterly Reuters poll found.
Last year, growth in the si
Brazil's government will consider selling airports in Sao Paulo and Rio to help to reduce a large fiscal deficit next year, interim President Michel Temer told the Folha de S.Paulo newspaper on Sunday.
The paper said that the
The Organization of the Petroleum Exporting Countries’ (Opec) 2015 oil export revenues slumped 46 percent to a 10-year low, the group said in a report published on Wednesday, underlining the impact on producers' income from a collaps