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FINANCIAL NEWS
Saudi budget to marginally rise state spending in 2015
24 Dec 2014
(MENAFN) Saudi Arabia’s 2015 state budget is expected to rise spending marginally in comparison with this year’s budget while covering a deficit due to the decline in oil prices, Arab News reported.
The marginal increase in the government spending is expected to make it hit USD229 billion, up from a record USD227.74 billion in the 2014 budget plan, while the projected revenues are expected to decline to USD190.45 billion compared with USD220 billion in the 2014 plan.
Despite these factors, the kingdom is expected to continue spending actively on its major projects such as housing, transport and the construction of industrial cities, although it would also be expecting to register its first deficit since the global financial crisis in 2009, with the deficit expected to be around USD38.62 billion.
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