Total expenditures to reach 1.28 trillion Saudi riyals
Saudi Arabia expects deficit of 2.3% of GDP in 2025
The finance ministry says the government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.
Tuesday 01/10/2024
Total expenditures to reach 1.28 trillion Saudi riyals
RIYADH - Saudi Arabia expects to post a deficit of 2.3% of Gross Domestic Product (GDP) in 2025, the finance ministry said on Monday in its preliminary budget statement.
The statement expected total expenditures to reach 1.28 trillion Saudi riyals ($0.34 trillion) and total revenues to reach 1.18 trillion Saudi riyals.
It noted that the government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.
It added that the reported GDP growth rates were supported by the growth of non-oil activities, which contributed to the prosperity of promising sectors such as tourism, entertainment, transportation, logistics, and industry.
The statement also included expectations for 2024, including achieving a real GDP growth of 0.8 percent in 2024.