ECONOMY

Saudi Arabia reveals record budget for 2019 with spending of 1.1 trillion riyals

Saudi King Salman signs the Saudi Budget 2019 report during a cabinet meeting session. (SPA)

Figures pertaining to Saudi Arabia’s 2019 budget revealed a record spending worth 1.106 trillion Saudi riyals which is a 7.3 percent growth rate compared to 2018.

According to figures announced by the Saudi Ministry of Finance, the expected revenues in 2019 are estimated at 975 billion riyals with a nine percent growth rate compared to 2018.

The Ministry of Finance expects deficit to decline by 4.2 percent in 2019 hence reaching 131 billion riyals while public debt will reach 678 billion riyals and constitute 21.7 percent of the Gross Domestic Product (GDP).

Reserves are expected to reach 496 billion riyals and would constitute 15.9 percent of the GDP.

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Last Update: Tuesday, 18 December 2018 KSA 19:21 - GMT 16:21
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