A Saudi man counts banknotes at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. AFP / FAYEZ NURELDINE
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Data released this week by the Saudi central bank show how the economy is still struggling to gain momentum amid low oil prices.The government says GDP will likely expand by more than 1 percent. The following illustrate key takeaways from the central bank's data for January:Reserve Burn AcceleratesNet foreign assets, though still above $500 billion, are shrinking as the government uses savings to plug a budget deficit that reached $79 billion last year – $107 billion including delayed contractors' payments. Since then, the government has avoided issuing debt locally, and bank claims on the public sector even fell slightly in January.
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