saudi arabia overview in 1998 s gross domestic product gdp fell about 10 8 percent at current prices total was estimated 130 1 billion actual government revenues were 20 lower than budgeted while the reduced its spending by a modest 3 6 ending year with fiscal deficit of 12 or 9 5 public sector debt now exceeds non oil industrial achieved relatively good growth rate reflecting continued investments and expansions petrochemical industry however contracted almost 35 during due to which are expected continue throughout 1999 will have another large is projected 11 7 this mainly 32 drop budget austere cutting nearly every category expenditure difficulty financing borrowing heavily financial markets there dwindling liquidity banking
