The sectors which rely on household demand, such as distribution and commerce, have also been impacted by the slowdown in consumption.
The freeze on recruitment and salaries in the civil service, which employs more than 50% of the working-age Saudi population, and the slowdown in the non-oil economy weigh on household purchasing power.
In terms of foreign relations, the Kingdom has reversed its external policy, particularly toward the Egyptian neighbour, but remains directly involved in the political crisis in Yemen.
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The country completed an initial bond issue of billion in October 2016 and it is likely to continue to call on external financing.
After having fallen slightly in 2016, the current account deficit should contract significantly in 2017.
In addition, non-oil receipts were constrained by the slowdown in non-oil activity.
The policy of budgetary austerity initiated in 2016 has however resulted in a reduction of expenditure.
The termination of subsidies on energy products and regulated goods led to an increase in inflation in 2016.At the time of the presentation of the Saudi Vision 2030 development plan, the government announced the launch of a large programme of privatisations, which is likely to include the opening up of the capital of the Aramco oil monopoly, as well as a sell-off of public land.Following these measures, the government deficit should continue to be reduced in 2017.The authorities are likely to continue to enlarge their tax base, by creating new local taxes, particularly at the level of the municipalities and by increasing fees for nationals, after having surcharged them for expatriates.The increase in the price of oil should in addition relieve the pressure suffered by the government finances.