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Main » 2015 » December » 28 » The budget deficit of Saudi Arabia $ 98 billion
The budget deficit of Saudi Arabia $ 98 billion

Stock indexes rose in Saudi Arabia - the country's budget deficit for the current year is less than economists forecast.



Saudi Arabia has published a budget deficit of 367 billion riyals ($ 98 billion) - amid falling oil prices the cost significantly exceeded revenues.

By the end of this year, government spending will reach a record 975 billion riyals, exceeding the government target of 13 percent, officials said journalists during a press conference in Riyadh. The actual revenue of 608 billion riyals compared with a forecast of 715 billion earlier this year.

The main stock index, the country's Tadawul All Share Index rose by 0.7 percent to a level of 6992.19. Led by growth in shares of the company Saudi Electricity Co., which rose by 9.9 per cent - the maximum increase since June 2006.

Thus, the budget deficit is about 16 percent of gross domestic product. Economists in a Bloomberg survey had forecast a deficit of 20 percent of GDP.

The government also plans to announce the budget for the 2016 financial year later on Monday. This is the first budget of the king Salman, who ascended the throne in January 2015.

A source

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