Crown Prince of Saudi Arabia Mohammad bin Salman speaks in Riyadh.
Bandar Algalour | Saudi Kingdom Council | Anadolu Agency | Getty Images
Saudi Arabia on Monday announced a 1.02 trillion riyals ($272.00 billion) budget for 2020, a slight fall in spending that reversed three years of expenditure hikes aimed at spurring economic growth.
Revenues in 2020 are forecast at 833 billion riyals, widening the budget deficit to 187 billion riyals, or 6.4% of gross domestic product (GDP), as compared with a projected deficit of 131 billion riyals in 2019.
King Salman said in a televised statement after a special cabinet meeting that spending in 2020 was forecast at 1.02 trillion riyals compared to an estimated 1.048 trillion riyals this year.
Real GDP growth was expected at 2.3% in 2020, according to a budget statement that was read out separately later by a Saudi official.
Economic growth was projected to slow to 0.9% this year, according to government estimates, from 2.2% last year, hurt by lower oil prices and crude production cuts agreed by OPEC nations and producers outside the exporting group.