Well-Placed To Weather A Storm, For Now

We retain a broadly sanguine outlook on the medium-term prospects for Saudi Arabia's external position. The spike in global energy prices throughout 2011 has left the current account comfortably in the black, and in spite of an anticipated moderation in oil prices over the coming quarters, we are forecasting a surplus of 14.8% of GDP in 2012, compared with 23.5% of GDP in 2011.

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