Saudi Arabia's 2017 budget: National deficit reduced to $79B

Dec 23, 2016, 02:55

Saudi Arabia on Thursday projected a 2017 budget deficit of about $53 billion and a lower than expected shortfall for this year after government cost-cutting in response to lower oil prices.

That deficit is forecast to shrink by a third by the end of next year.

This family has been also involved in genocidal wars against a number of Arab countries either directly as in Yemen or by supporting the takfiri terrorist groups as in Iraq and Syria. In April, it released the Vision 2030 program for diversifying the oil-dependent economy.

The Saudi Budget 2017 lays down a financial strategy on the basis of foresight over the next five years.

The Kingdom's revenues were impacted by fluctuations in the price of oil.

When looking at its oil industry, the Kingdom expects it to grow 3.37 percent in 2016, with the refining industry set to grow 14.78 percent, Finance Ministry says in statement on its website.

The government is planning to have a "balanced" national budget by 2020.

The kingdom's revenue is expected to hit 692bn riyals for next year, a 31 per cent increase on 2016 figures, fuelled by a 46 per cent increase in oil revenue. The 2016 budget deficit is 9 percent lower than the government's initial estimate, while the International Monetary Fund predicted the 2017 deficit would be 9.5 percent of Saudi Arabia's GDP. "Rockwell Collins is a global leader in avionics and can contribute to economic growth and knowledge transfer in the Kingdom of Saudi Arabia".

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