Saudi Arabia has captured 37 percent of the GCC budget surpluses at SR206 billion ($54.9 billion) out of SR550.3 billion ($146.7 billion) achieved by all GCC countries in 2013, local media said.

Five GCC countries achieved surpluses in 2013 budgets topped by Saudi Arabia, followed by Kuwait at SR127.9 billion ($34.1 billion), the UAE at SR111.4 billion ($29.7 billion), Qatar at SR94.9 billion ($25.3 billion), and Oman at SR15 billion ($4 billion), according to an analytical study by Al-Eqtisadiah daily.

However, Bahrain was the sole GCC country to have suffered a deficit of SR4.9 billion ($1.3 billion) in 2013, the report said.

As for per capita income from the surpluses in each country based on their population, Qatar captured the highest value at SR49,900 ($13,300), followed by Kuwait at SR32,800 ($ 8,700), the UAE at SR12,400 ($ 3,300), Saudi Arabia at SR6,900 ($1,800) and, fifthly, Oman at SR4,700 ($1,300).

Saudi population accounted for 61 percent of the GCC total population, which led to the decrease of per capita income from its surpluses despite accumulated surpluses it achieved in that year, the report said.

On the other hand, Kuwait topped the GCC countries in terms of the ratio of surpluses to gross domestic product (GDP) based on current prices at 18.6 percent, followed by Qatar at 12.4 percent, the UAE at 7.5 percent, and Saudi Arabia and Oman at 7.4 percent and 5 percent, respectively, the report added.

In 2013, Saudi Arabia achieved a surplus of SR206 billion, the 10th surplus in the last 30 years since 1983 and the 6th highest surplus in the history of Saudi budgets, the paper said.

In 2012, the Saudi budget surplus hit SR386.5 billion, the second highest surplus since 1983. In the last ten years, the Saudi budget surpluses reached SR2.25 trillion thanks to the increased oil prices during the period, the report said.