Saudi Arabia's recently announced general budget 2020 isprogressive and focuses on balancing fiscal stability and economic growthdespite oil market volatility this fiscal year, said professional services firmKPMG Al Fozan & Partners.
Saudi Arabia's recently announced general budget 2020 isprogressive and focuses on balancing fiscal stability and economic growthdespite oil market volatility this fiscal year, according to a budget reviewreleased by KPMG Al Fozan & Partners, the leading provider of audit, taxand advisory services in Saudi Arabia.
The latest budget continues to support the Kingdom'sdiversification efforts, transitioning the economy away from its dependency onthe oil sector by developing the private sector and enhancing its contributionto achieving Vision 2030 goals and targets.
Budgeted revenue is expected to reach SR833 billion ($222billion) in 2020, 62 per cent of which is driven mainly by oil revenue, whilebudgeted expenditure is projected at SR1,020 billion. Fiscal deficit stands atSR187 billion (6.4 per cent of estimated 2020 GDP) compared with SR131 billion(4.7 per cent of GDP) in 2019.
Public debt is anticipated at SR754 billion, 26 per cent ofthe estimated GDP in 2020, growing 11.2 per cent compared to the previous year.
