The Kingdom of Saudi Arabia expected, according to the preliminary statement of the budget for the year 2021, the real GDP to grow by 3.2 percent, compared to an expected contraction of 3.8 percent by the end of this year, while the expenditures in the budget were estimated at 990 billion riyals, and revenues were estimated for 2021 at 846 billion riyals, whereas the Kingdom's budget expenditures for the current year 2020 are at 1068 billion riyals.
In detail, Saudi Arabia's revenues are expected to grow by about 10% in 2021 compared to what is expected in 2020, supported by the recovery of the local and global markets. It is also estimated that total revenues will continue to grow to reach about 928 billion riyals in the year 2023, an average annual growth of 6.4 percent. According to the preliminary statement of the budget, it is expected that the Saudi budget deficit in 2021 will decline to 5% of GDP, which means that the deficit in the Saudi budget is expected to decrease by about the half in 2021. For the coming years, there are estimates for the 2022 budget at 955 billion riyals and 2023 at 941 billion riyals. As for the public debt, estimates show that Saudi Arabia's public debt in 2021 will reach 33 percent of GDP, while the Saudi economy is expected to contract by 3.8 percent by the end of 2020 and grow by 3.2 percent during 2021.
Source (Al-Arabiya.net, Edited)
