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DW Business (04/26/2016)
During her trip to Saudi Arabia and the United Arab Emirates, the German chancellor is to have talks about larger economic cooperation. Her hosts have seen their domestic economies suffer from dropping oil prices.
The drop in global oil prices has forced Saudi Arabia to implement unprecedented economic reforms. Oil income makes up more than 90 percent of Saudi state revenue, accounting for 55 percent of the country's GDP.
Saudi Arabia has said expenses next year will again exceed revenues by far as the nation tries to lessen its dependence on oil exports. The government said cost-cutting measures would continue unabated.
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