The Saudi Ministry of Finance announced the Pre-Budget Statement for Fiscal Year 2025, which estimated a deficit of 2.3 per cent of Gross Domestic Product (GDP).
The statement expected total expenditures to reach 1.28 trillion Saudi riyals ($0.34 trillion) and total revenues to reach 1.18 trillion.
It noted that the government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.
It added that the reported GDP growth rates were supported by the growth of non-oil activities, which contributed to the prosperity of promising sectors such as tourism, entertainment, transportation, logistics, and industry.
The statement also included expectations for 2024, including achieving a real GDP growth of 0.8 per cent in 2024.
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