Saudi Arabia’s Ministry of Finance revealed the fiscal and economic estimates for the coming five years, up until the budget of 2023.
They stated that revenues in 2019 will reach about 975 billion riyals, 1.005 trillion riyals in 2020, 1.042 trillion riyals in 2021, 1.096 trillion riyals in 2022, and 1.154 trillion riyals in 2023.
Total expenditure in the Saudi budget in 2019 is estimated at 1.106 trillion riyals, 1.143 trillion riyals in 2020, 1.170 trillion riyals in 2021, 1.163 trillion riyals in 2022, and 1.153 trillion riyals in 2023.
Saudi Arabia has estimated the deficit levels at 131 billion riyals in 2019, 138 billion riyals in 2020, 128 billion riyals in 2021, and 222 billion in 2022, with the deficit completely eliminated in 2023, with an excess of one billion riyals.
Real GDP is expected to grow 2.6 percent in 2019, while in 2020 and 2021 it is expected to grow by 2.7 percent, in 2022 by 2.8 percent and in 2023 by three percent.
Nominal GDP will reach 3.125 trillion riyals in 2019, 3.263 trillion riyals in 2020, 3.418 trillion riyals in 2021, 3.602 trillion riyals in 2022 and 3.781 trillion riyals in 2023.
The GDP deficit is expected to reach 4.2 percent in 2019 and 2020, to fall to 3.7 percent in 2021, to 1.9 percent in 2022, and completely eliminated in 2023.
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