Saudi Arabia on Wednesday approved its state budget for 2024, which estimated total revenues at 1.172 trillion riyals ($312.48 billion) in 2024, the official Saudi Press Agency reported.
Total expenditure was projected at 1.251 trillion riyals ($333 billion) next year.
The approved budget forecasts a fiscal deficit next year of 79 billion riyals ($21.07 billion).
Public debt is forecast to reach 1.103 trillion riyals ($294.09 billion), or 25.9 percent of gross domestic product (GDP) in 2024, according to figures released by the finance ministry on Wednesday, up from an estimated 1.024 trillion riyals in 2023.
Economic growth in the G20 member and the Arab world’s biggest economy, is forecast to rebound to 4.4 percent next year from an estimated 0.03 percent in 2023, the ministry said.
The ministry also said that total revenues would reach 1.193 trillion riyals ($318.08 billion) in 2023, with oil revenues expected to stand at 752 billion riyals ($200 billion).
Total expenditure was forecast at 1.275 trillion riyals ($339 billion) this year, the ministry said, adding non-oil GDP growth was set to be 5.9 percent.
source: english.alarabiya.net