How the Saudi budget has evolved over 10 years
In the past 10 years, the Kingdom has seen significant developments in terms of spending and revenue levels
Saudi Arabia is expected to announce the 2017 budget, during the month of December, amid expectations that the Kingdom shall continue its plans to curb public spending.
In the past 10 years, the Kingdom has seen significant developments in terms of spending and revenue levels. We cannot in anyway compare the size of the deficit in the budget with the surpluses that have been achieved over these years.
During April of this year, Saudi Arabia announced its vision for 2030, which included many social and economic development programs aimed to equip and prepare the country for the post-oil phase. The vision for 2030 included the launch of the largest investment fund worth $ 2.7 trillion.
Saudi Arabia has an estimated cash reserves worth 560 billion dollars, while the amount of public debt is below 10%.
In 2006, Saudi Arabia had revenue of 671 billion Saudi Riyals, while expenses were worth 393 billion riyals, counting a supernumerary of 280 billion riyals. In 2007, revenues amounted to 643 billion riyals, and expenses were worth 466 billion riyals, with a surplus of 177 billion riyals.
For the first time in the history of the Kingdom, the revenue exceeded one trillion riyals in 2008, to reach 1101 billion riyals, while the expenses amounted to 520 billion riyals, with a surplus of 581 billion riyals.
During 2009, Saudi revenues’ reached 510 billion riyals, while expenses amounted to 596 billion riyals, with a budget deficit of 87 billion riyals.
Saudi Arabia succeeded in 2010, to overcome this deficit in the budget and achieve a surplus worth 88 billion riyals, while revenues were 742 billion riyals and spending counted for 654 billion riyals.
In 2011, the United Kingdom boosted its surplus. Revenues jumped the one trillion riyals barrier, with an amount of 1118 billion riyals, and expenses amounted to 827 billion riyals. The surplus was 291 billion riyals.
In the 2012 budget, the surplus enjoyed an increase, reaching 374 billion riyals; the size of revenues was 1274 billion riyals, and spending counted for 873 billion riyals.
In 2013, revenue amounted to 1156 billion riyals, and expenses counted for 976 billion riyals, with a surplus of 180 billion riyals.
In 2014, Saudi revenues’ added up to 1044 billion riyals and expenses equaled 1110 billion riyals. The deficit was worth 66 billion riyals. In 2015, revenues amounted to 608 billion riyals, and expenses were worth 975 billion riyals, counting a deficit of 367 billion riyals.