Saudi Arabia forecasts budget deficit for 2025
The Saudi Ministry of Finance announced on Monday that the kingdom is projecting a budget deficit of 2.3% of Gross Domestic Product (GDP) for 2025.
This forecast, detailed in the ministry’s preliminary budget statement, anticipates total expenditure of 1.28 trillion Saudi riyals (£278 billion) against total revenues of 1.18 trillion riyals.
Despite the anticipated deficit, the government plans to continue its increased investment in strategic initiatives designed to diversify the Saudi economy and promote sustainable growth. The ministry emphasised the role of non-oil sectors in recent GDP growth, noting strong performance in tourism, entertainment, transport, logistics, and industry.
Looking towards 2024, the ministry expects real GDP growth of 0.8%. This figure underscores the kingdom’s ongoing efforts to reduce its reliance on oil revenue and foster a more dynamic and resilient economy.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
- CBL Slashes Foreign Exchange Tax to 15% - November 21, 2024
- Direct sea route to connect Libya and Greece - November 21, 2024
- New evidence strengthens case against Gaddafi-era crimes - November 20, 2024