Robust Current Account Outlook

November 2006 | Economic Analysis

Saudi Arabia is set for another record current account surplus in 2006 of 32.8% of GDP, or US$117.6bn, following last year's figure of US$90.0bn, 29.1% of GDP. The massive surpluses have been attained largely on the back of high energy prices in recent years, which has increased the value of oil exports that account for 89.4% of total exports. As a result, the current account surplus saw a 136.2% y-o-y expansion in 2003, and has continued on an upward trajectory in line with global oil prices, with the OPEC basket average price shooting up by 118.9% between 2003 and 2006.

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