Saudi expects to boost state spending 7 percent next year | Reuters

Saudi expects to boost state spending 7 percent next year | Reuters:

Saudi Arabia’s government aims to increase spending by over 7 percent next year in an effort to boost sluggish economic growth, while continuing to cut its budget deficit gradually, finance ministry figures released on Sunday showed.

The ministry forecast state spending would climb to 1.106 trillion riyals ($295 billion) in 2019 from its latest estimate for 2018 of 1.030 trillion riyals.

But it also projected a jump in revenues to 978 billion riyals, up 11 percent from 2018. That would leave a deficit of 128 billion riyals or 4.1 percent of gross domestic product next year, compared to 148 billion riyals and 5.0 percent this year.