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Saudi Arabia announced a budget with historic and unparalleled spending projections of more than 1.106 trillion riyals, up 7% from the previous year's budget .Revenues are forecast to hit 975 billion riyals, up 9% from 2018.We can see that the steady rise in Saudi spending numbers starts in 2017 and continues until 2021, with a marginal decrease in 2022 and 2023, the year in which the fiscal balance is supposed to be reached and the deficit is supposed to be eliminated.When we look at the projected revenues for 2019, we're talking about 975 billion riyals, or about 31% of the GDP.2018's deficit was smaller than this year's.
Saudi Arabia announced a budget with historic and unparalleled spending projections of more than 1.106 trillion riyals, up 7% from the previous year's budget .Revenues are forecast to hit 975 billion riyals, up 9% from 2018. As a result, the proposed budget for the coming year would have a deficit of 131 billion riyals, or 3.6 percent.
2018's deficit was smaller than this year's.
By the end of 2019, the GDP deficit ratio is forecast to hit 4.2 percent.
We can see that the steady rise in Saudi spending numbers starts in 2017 and continues until 2021, with a marginal decrease in 2022 and 2023, the year in which the fiscal balance is supposed to be reached and the deficit is supposed to be eliminated.
On the other hand, the rate of revenue growth has been gradually growing since 2018, through the years 2019 and 2020, before peaking in 2023 at over one trillion and one hundred and fifty billion riyals, the year in which financial balance will be reached.
When we look at the projected revenues for 2019, we're talking about 975 billion riyals, or about 31% of the GDP. This revenue would rise at a rate of about 9% over the previous year.
In the year 2021, these revenues are projected to rise by around 7%.
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