Posted by : Saudi Expatriate Thursday, 28 December 2017

Saudi Arabia's king Salman has announced its budget for the year 2018. Saudi government spending will increase to 978 billion riyals ($261 billion) in 2018, a jump of 6% from the previous year.

Saudi Arabia is expecting revenues from multiples sources and increase it revenue from Non-Oil resources.



Saudi Budget 2018

Though the year 2017 was good in terms of economy boosting for Saudi Arabia and generating revenuw through taxes, dependent fees, new rules & regulations. The guidance of King Salman is leading the country into a place which doesn't depend on Oil only.

Despite this higher level of spending, the budget deficit is set to fall further, to a projected SR195 billion. In 2017, the deficit is estimated at SR230 billion, below 10 percent of gross domestic product (GDP) for the first time since 2015, when the oil price collapse of the previous year hit the Kingdom’s finances and economy.

That level of deficit — at 8.9 percent of GDP in 2017— compares with around 15 percent in 2015 and 12.8 percent last year. Next year is expected to be the fifth year of budget deficits since the oil price collapse of mid-2014. But the gap in the Kingdom’s fiscal balance has not held back overall expenditure. 

With revenue rising from SR692 billion this year to SR783 billion in 2018, the deficit is expected to fall to below 8 percent of GDP, the budget statement said. The statement confirmed that Saudi Arabia is expected to balance the books by 2023. 

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