Saudi Arabia: Budget estimate for 2019 to be $294 billion

Saudi Arabia’s estimated budget for 2019 will be $294 billion, the kingdom’s Ministry of Finance said at a press conference on Sunday.

Saudi Arabia Minister of Finance Mohammed bin Abdullah Al-Jadaan said that the kingdom expects revenues of about $260 billion for next year, with 2019 expenditures to increase by 7 per cent from expected expenditure



for current year.

“The total 2019 budget estimate showing a 34 per cent decline compared to 2018, with expectations of a steady decline in the deficit until balancing out in 2023,” he said.

Al-Jadaan also said that a deficit of about $34 billion is expected in the 2019 budget, while revenue growth forecasts sit at 6 per cent annually until 2023.