Monday, January 24

Saudi Arabia expects 2.7% budget deficit this year, 1.6% in 2022

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DUBAI — Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further next year, to 1.6% of GDP, it said in a preliminary budget statement for 2022.

The kingdom forecasts total spending of 955 billion riyals – around $255 billion – next year, down from an estimated total expenditure of around 1 trillion riyals this year, it said.

($1 = 0.2666 riyals) (Reporting by Davide Barbuscia; Editing by Edmund Blair)