(MENAFN) The International Monetary Fund (IMF) said that during the current year, Saudi Arabia's current account balance could expand to as high as 26.5 percent of gross domestic product (GDP), reported Emirates 24/7.
The IMF noted that throughout the medium term, the Kingdom's current account balance could drop, reaching 12 percent of GDP by 2017, as crude prices could decline in case of weaker global demand resulting from the Euro zone crisis.
It added that the country's current account outcome may range from a deficit of 3 percent of GDP to a surplus of 27 percent by 2015.
On the other hand, Saudi's overall spending growth is forecasted to moderate to nearly 7 percent per year over the medium term.
It is worth noting that earlier this year; Saudi Arabia boosted its oil output, including condensates, to nearly 10 million barrels per day (bpd), a 30 year high, consistent with its commitment to stabilize the global oil market, due to heightened oil market uncertainty.