December 18, 2018 / 5:51 PM / 3 months ago

HIGHLIGHTS-Saudi Arabia presents $295 billion budget for 2019

    Dec 18 (Reuters) - Following are highlights of Saudi
Arabia's 2019 state budget, released on Tuesday.                
    
  BUDGET FORECASTS
  2019
- Total expenditure projected at 1.106 trillion riyals ($295
billion)  
- Revenue forecast at 975 billion riyals
- Budget deficit seen at 131 billion riyals or 4.2 pct of GDP
- Public debt 678 billion riyals or 21.7 pct of GDP
- Oil revenues estimated at 662 billion riyals, taking into
account the financial impact of correcting energy prices,
compared to 607 billion in 2018
- The government expects non-oil revenue to increase to 313
billion riyals in 2019, up from 287 billion riyals in 2018,
according to state news agency SPA
- GDP growth expected at 2.6 pct in 2019 vs 2.3 pct in 2018

        
  2018  
- Saudi Arabia expected actual state budget deficit of 136
billion riyals or 4.6 percent of GDP
- Expected expenditure at 1.030 trillion riyals
- Expected revenue of 895 billion riyals
- Public debt 560 billion riyals or 19.1 percent of GDP
- Saudi Arabia collected 45.6 billion riyals from value-added
tax (VAT) in 2018, more than double its initial estimate, budget
documents showed. It also expects total tax revenues of 166
billion riyals this year, up from an initial estimate of 142
billion riyals.             
            
  COMMENTS 
- Saudi Arabia's King Salman says 2019 budget is the largest in
kingdom's history
- "We are determined to go ahead with economic reform, achieving
fiscal discipline, improving transparency and empowering private
sector," he says. 
- The Saudi King earlier on Tuesday ordered the continuation of
public sector cost-of-living allowances, before a state budget
announcement which boosts spending despite efforts to close the
fiscal deficit.             

 (Reporting by Dubai Newsroom)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below