Saudi finance ministry predicts $294bn 2019 budget with 7% increase in spending

Saudi finance ministry predicts $294bn 2019 budget with 7% increase in spending

JEDDAH (Rahnuma): Saudi Arabia’s estimated budget for 2019 will be $294 billion, the Kingdom’s Ministry of Finance said at a press conference on Sunday.

Minister of Finance Mohammed Al-Jadaan said the Kingdom expects revenues of about $260 billion for next year, with 2019 expenditure set to increase by 7 percent from expected expenditure for the current year.

He said there was an expected “steady decline in the deficit until balancing out in 2023.”

Al-Jadaan also said that a deficit of about $34 billion is expected in the 2019 budget, while revenue growth is forecast at 6 percent annually until 2023.

Earnings are expected to exceed $266 billion by 2021, when the budget is forecast to reach $295 billion.

Revenues are expected to reach $235 billion this year, with total spending at around $267 billion.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close