Overall Non-Oil Fiscal Balance for General Government for Saudi Arabia
SAUGGBXOGDPXOGDPXOPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-26.39
Year-over-Year Change
-56.58%
Date Range
1/1/2000 - 1/1/2023
Summary
The Overall Non-Oil Fiscal Balance for General Government for Saudi Arabia measures the country's fiscal position excluding oil revenues as a percentage of GDP. This metric is crucial for assessing the sustainability of Saudi Arabia's public finances.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Overall Non-Oil Fiscal Balance tracks the difference between the Saudi government's total revenues (excluding oil) and its total expenditures. It provides insight into the health of the country's fiscal position and the diversification of its revenue sources beyond the oil sector.
Methodology
The data is calculated and reported by the International Monetary Fund (IMF) based on official government financial statistics.
Historical Context
This indicator is closely monitored by policymakers, economists, and investors to gauge Saudi Arabia's progress in reducing its reliance on oil revenues and achieving a more balanced and sustainable fiscal framework.
Key Facts
- Saudi Arabia's non-oil fiscal deficit was 6.3% of GDP in 2021.
- The government aims to balance the non-oil budget by 2023 as part of its 'Vision 2030' economic reforms.
- Reducing the non-oil deficit is crucial for Saudi Arabia to decrease its reliance on oil exports.
FAQs
Q: What does this economic trend measure?
A: The Overall Non-Oil Fiscal Balance for General Government for Saudi Arabia measures the country's fiscal position excluding oil revenues as a percentage of GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for assessing the sustainability of Saudi Arabia's public finances and the government's progress in diversifying its revenue sources beyond the oil sector.
Q: How is this data collected or calculated?
A: The data is calculated and reported by the International Monetary Fund (IMF) based on official government financial statistics.
Q: How is this trend used in economic policy?
A: This indicator is closely monitored by policymakers, economists, and investors to gauge Saudi Arabia's progress in reducing its reliance on oil revenues and achieving a more balanced and sustainable fiscal framework.
Q: Are there update delays or limitations?
A: The data is published by the IMF, and there may be some delays in reporting due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Overall Non-Oil Fiscal Balance for General Government for Saudi Arabia (SAUGGBXOGDPXOGDPXOPT), retrieved from FRED.