King Salman custodian of two holy mosques announced the biggest budget in the year 2018, this budget spending allocation is much higher than the previous Saudi Budgets. As per budget 2018 estimated 978 Billion Saudi Riyal will be spent in the coming year.
Saudi Vision a plan to implement Strategies to diversify economy already giving optimal results from 2017, King Salman is ready to launch 12 more programs like these. These initiatives will lesser Saudi Arabia dependence on Oil for its needs.While Saudi Economy still going towards lower side Crown prince told there will be 8% reduction is expected in Saudi GDP in 2018.
In the last budget the deficit was 198 Billion Saudi Riyals while total budget allocation is 890 Billion Saudi Riyals but for the coming year the budget deficit will stand at 195 Billion Saudi Riyals