10 things you need to know about Saudi Arabia’s 2019 initial budget outline

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The Saudi finance ministry released on Sunday its initial 2019 budget outline for the kingdom.

Here are 10 things you need to know.

1. The 2019 budget is forecast to reach a record level of 1.106 trillion riyals

2. State revenues were expected at 978 billion riyals, up 11 percent from the number currently projected for 2018.

3. Expenditure for 2019 will be about 7% higher than projected spending for the current year.

4. The government expects to run a budget deficit of 128 billion riyals next year.

5. The government expects a 2018 deficit of 195 billion riyals, as projected in the original budget for this year.

6. Estimates show the deficit is expected to decline 34% in 2019.

8. Estimates of economic growth 2.3% in 2019

9. Expectations of a steady decline of the budget deficit until it becomes a balanced budget by 2023

10. Expected revenue growth of 6% per annum up until 2023.

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