Brief Overview for Expected KSA Budget FY 2019
- The Govt is expecting to announce the fiscal year 2019 budget with a hallmark of excellent level reaching up to expectedly SAR. 1.106 trillion.
- The best highlight of the said budget is the increment by SR. 100 billion more than previous year’s Govt. expectation.
- The upcoming fiscal year revenue are targeted up to SR. 978 billion, marking 11% increase as compared to FY 2018.
- Increase in expenditure is expected to reach 7% higher than the estimated current year spending.
- The spending level will reach to SR. 1.170 trillion by the end of FY 2021.
- The FY 2019 budget deficits are expected to fall down up to SR. 128 billion, decreasing the overall deficit by SR. 67 billion as compared to the previous year budgeted figure of SR. 195 billion.
- Expected revenue growth of 6% per annum up until 2023.
- The successful implementation of several adopted initiatives to establish non-oil revenues, enhancing the efficiency of spending, and improving the subsidy beneficiaries’ targeting mechanisms has ultimately led to the decrease in the FY 2018 budgeted deficit by SR. 41.7 billion in the first half of FY 2018.