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Key Figures in Saudi Arabia's 2018 Budget, 2017 Fiscal Data
Key Figures in Saudi Arabia's 2018 Budget, 2017 Fiscal Data
20 Dec 2017, 06:16 PM IST
(Bloomberg) -- Below are the key figures from Saudi Arabia’s 2018 budget, the second issued since it embarked on a long-term plan to reduce the kingdom’s dependence on oil. Numbers from the Ministry of Finance and state-run media.
Budget Deficit:
- 2018: deficit seen at 195 billion riyals ($52 billion), or 7.3 percent of gross domestic product
- 2017: deficit was 230 billion riyals, or 8.9 percent of GDP
- Planned deficit in 2017 budget was 198 billion riyals
- 2016 budget deficit was 12.8 percent of GDP
- Delays target to balance budget to 2023 from as early as 2019
Spending
- 2018: Spending to grow to 978 billion riyals; total is 1.1 trillion riyals when including 83 billion riyals from sovereign wealth fund and 50 billion riyals from national development funds
- 2017: rose 11.5 percent to 926 billion riyals
- Capital spending to increase by 13.6 percent to 205 billion riyals
- Projected spending of 32 billion riyals on cash transfer program in 2018
- 210 billion riyals earmarked for military spending, from 224 billion riyals in 2017
- Spending on education budgeted to drop to 192 billion riyals from 228 billion riyals
- Spending on healthcare to rise to 147 billion riyals from 133 billion riyals
Revenue
- Oil revenue to rise to 492 billion riyals compared with 440 billion riyals this year
- Non-oil revenue seen at 291 billion riyals in 2018, up from 256 billion riyals
- Total revenue to rise 12.6 percent to 783 billion riyals in 2018
- Tax revenue budgeted at 142 billion riyals in 2018, compared with 97 billion riyals expected in 2017, and 82 billion riyals in 2016
- Other revenue, including oil, budgeted at 641 billion riyals in 2018, from 599 billion riyals in 2017 and 437 billion riyals in 2016
- Value-added-tax expected to generate 23 billion riyals in 2018; expatriate tax to generate 28 billion riyals
GDP
- 2017: overall economy contracted 0.5 percent; oil GDP shrank 4.3 percent, non-oil GDP rose 1.5 percent
- 2018: Economy to grow 2.7 percent; non-oil economy to expand 3.7 percent
Funding and Debt
- 2018: Public debt budgeted at 555 billion riyals, or 21 percent of GDP
- 2018 debt issuance target is 117 billion riyals, from 134 billion riyals in 2017
- 2017: Debt stood at 438 billion riyals, or 17 percent of GDP
- 2018 budget to be funded by:
- 50 percent from oil revenue
- 30 percent from non-oil revenue
- 12 percent from debt
- 8 percent from government balances
Inflation
- 2018 inflation seen at 5.7 percent
To contact the reporter on this story: Ahmed Feteha in Cairo at afeteha@bloomberg.net.
To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Stuart Biggs, Mark Williams
©2017 Bloomberg L.P.
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