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.
Crown Prince Mohammed Bin Salman seeing the budget as for improvement of living standards and diversifying the national economy. The expected economic growth rate in the year 2018 will be 2.7%.
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 budget, plans were discussed to improve the private sector ability to generate more jobs hence making Saudi Arabia invest more in several different projects.
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
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
Expenses for Public Organizations and institutes remain at 112 billion Riyals, Revenues estimated for 2018 are 783 Billion Saudi Riyals, while in 2017 revenues were at 692 Billion Riyals as per forecast.
Almost 20% budget is allocated for education which is 192 billion Saudi Riyals, on military 210 billion Saudi Riyals which stands at 21 % of the budget and for health sector 147 billion riyals, 15 % of the budget 2018.