The Kingdom of Saudi Arabia announced today, Monday, the 2020 budget, which is estimated at 1.02 trillion Saudi riyals, and this indicates a slight decrease in spending, contrary to the trend of the past three years that witnessed an increase in spending in order to stimulate economic growth.
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, said in a televised statement, after a cabinet meeting, that the expected expenditure during 2020 is 1.02 trillion riyals, compared to about 1.048 trillion riyals this year.
Revenues are expected to reach 833 billion riyals in 2020, which will increase the budget deficit to 187 billion riyals, compared to an expected deficit of 131 billion riyals in 2019.
GDP is expected to grow by 2.3% in 2020, according to the budget statement. Meanwhile, economic growth is expected to decline to 0.9% this year, according to government estimates, compared to a 2.2% growth recorded last year, due to lower oil prices and the decision to cut production approved by OPEC and its allies.