Saudi Arabia’s Balance of Payments: (The Current Account Surplus Narrows, but Financial Account Cushions FX Reserves)
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Saudi Arabia’s Balance of Payments: (The Current Account Surplus Narrows, but Financial Account Cushions FX Reserves)
In H1-24, the current account remained in surplus, at $12.7 billion, equivalent to 2.3 percent of GDP. The trade surplus will narrow further in H2-24 given lower oil prices, while the transfers deficit could widen given the rise in expatriate workers. These dynamics point to a smaller current account surplus in H2-24.
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