Riyadh – Mubasher: Saudi Arabia expected that the 2019 budget deficit to hit $35 billion, encouraged by a decrease in oil prices, according to official projections.
Revenues, especially from oil industry, are forecast to reach billion, while expenses may hit $295 billion, which is considered the largest spending in the kingdom’s history ever, the French news agency AFP reported, citing a statement by Saudi King Salman bin Abdulaziz.
“We are determined to pursue economic reforms, control fiscal management, bolster transparency and strengthen the private sector,” the King said in a brief statement to the cabinet.
On a related note, the GCC nation’s economic growth is forecast to reach 2.6% during 2019.
Earlier on Wednesday, Saudi energy minister stated that the kingdom earmarked around SAR 33 billion for energy, industry, mining, and logistics sectors in the 2019 budget.
On Tuesday, Saudi King Salman bin Abdulaziz said that the 2019 budget is the biggest in the kingdom's history.
The Crown Prince Mohammed bin Salman said that the government expects non-oil revenue to increase to SAR 313 billion in 2019, up from SAR 287 billion in 2018, while public expenses will hit a record high next year.
On a related note, the Minister of Finance Mohammed Al Jadaan said that the Kingdom’s gross domestic product (GDP) is expected to grow by 2.6% in 2019, compared with 2.3% in 2018.
