The Saudi Ministry of Finance unveiled the budget for 2020, with total expected expenditures of SAR 1.020 billion, as work continues to enhance the spending efficiency without compromising the implementation of plans for diversification and economic transformation.
The budget deficit is estimated at 6.6% of GDP, while revenues are projected at SAR 917bn, representing a growth of 1.2% over the previous year, as a result of the increase in the non-oil revenues to non-oil GDP to reach 16% by the end of 2019 compared to only 7% in 2012. The budget deficit for the current fiscal year is expected to decrease to 4.7% of GDP from 5.9% of GDP in the previous year.
Mohammed al-Jadaan, the Saudi Minister of Finance said "the budget, which is approved in December of each year, is expected to include some amendments to the preliminary statement in the light of any financial and economic developments."
Source (Alarabiya.net, Edited)
