Fresh from a rebasing exercise in April 2014 that boosted 2013 GDP by 89% to $509.97bn, Nigeria now ranks not only as Africa’s most populous country, but also as its largest economy. It has long played an outsized regional role, making up 76% of West Africa’s GDP and around 60% of its population.
With a balanced budget for 2014, Saudi Arabia plans to spend everything it expects to earn. However, the biggest influence on revenue is the price that the Saudi Arabian Oil Company is able to charge for a barrel of its oil, meaning there is a significant margin for error in fiscal planning. In 2013 the government earned more and spent more than it...
In January 2014 China’s government officials declared that in 2013 its annual trade in goods passed the $4trn mark, knocking the US off the top spot in international trade, and this shift in the axis of commerce is reflected in Saudi Arabia’s own trade relations. However, although the dramatic growth of China and other Asian economies has altered...
In an economy dominated by hydrocarbons, there is no doubt that the big business in Saudi Arabia is oil, but the Kingdom is also home to 1.8m small and medium-sized enterprises (SMEs), according to the International Finance Corporation (IFC).
Economic performance has been strong in the last decade and Saudi Arabia has been one of the best-performing G20 economies in recent years. Real GDP growth averaged 7% per year in 2010-12, second only to China. Following strong growth of 8.6% in 2011, spurred by higher oil output and large fiscal spending packages, the economy grew at a slower,...
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