Saudi Arabia posted a massive $27 billion budget surplus, as high oil prices are boosting resource-rich economies across the Persian Gulf
RIYADH, Saudi Arabia—The Saudi government posted a $27 billion budget surplus Wednesday, as this year’s high oil prices accelerate Crown Prince Mohammed bin Salman‘sBuoyant crude prices helped the kingdom’s economy expand at one of the fastest rates globally, with the government spending
$47 billion more than planned. In a year when global growth is pegged at 3.2%, the International Monetary Fund predicts growth of 7.6% this year in Saudi Arabia. The kingdom’s output is expected to reach $1 trillion for the first time, cementing its place among the world’s biggest economies.
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