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Saudi Arabia's current account surplus to hit $171bn in 2013
- Saudi Arabia: Sunday, March 10 - 2013 at 06:23
Saudi lender National Commercial Bank (NCB) has said the kingdom's current account balance is expected to reach $117bn (SR438.75bn) this year, 16.1% relative to GDP, but less than the $178.7bn in 2012, Arab News has reported. Based on oil price and production assumptions, the bank expects oil export revenues to decline by 6.6% to a near record $325bn. Meanwhile, nonoil exports are also expected to shrink be nearly 13.7% to $42bn, due to lower international prices for petrochemicals and other by-products that are oil related, NCB said.
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