Meanwhile, both the uk and brazil dropped one place in the rankings. Experts said that the government was conservative on revenue and realistic about oil in the medium term. Government budget value in saudi arabia averaged 12381. Saudi arabias 2018 budget is the countrys largest ever forbes. Saudi budget slashes deficit forecast by a third arab news. Budget 2015 contents page summary of 2015 budget measures policy changes a. Saudi arabias economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects saudis current account balance to improve but remain in deficit at 2. Saudi arabia 2015 budget resilient in the face of lower. Oil revenue are estimated at 662bn riyals in 2019 compared with 607bn riyals in 2018.
This page provides saudi arabia government budget actual values, historical. The budget still seems reliant on oil revenue in 2016 made up 62%. The municipality sectors budget would support the expansion of a few existing projects and new ones totaling sar1. Dec 28, 2015 sudans parliament passed its 2016 budget on monday and projected a budget deficit of 1. Dec 28, 2015 saudi arabia released a more tightfisted budget for 2016, reflecting scaledback revenue expectations and lower spending on subsidies because of sinking oil prices and its involvement in the war. Growth of nonoil revenue reached 20 per cent during this period. A change to the new brunswick corporate income tax rate announced on february 2, 2016 and effective april 1, 2016 is also included. India moved from 7th to 5th place after its largest annual spending increase since 2009. That was well below a record 367 billion gap in 2015, and below the governments projection in its original 2016 budget plan of a.
Saudi arabia issues 2017 budget, projects major deficit. The report covers saudi arabias fiscal sector and is available in english. Saudi arabia to boost 2017 spending as it cuts into huge. Tax rates include measures announced as of january 1, 2016 that will be in effect as of december 31, 2016. Saudi arabia government budget value 19692018 data. Saudi budget prioritizes citizens with education, development funds. The kingdom of saudi arabia announces and approves its. Budget 2016 document 2016 expected 2016 revenue to date oil and nonoil revenue from the period 2012 to 2016 revenue, sar billion 4 fiscal year results are based on actual expenditures from january to november, and estimates for december 5 all projected revenues include zakat, estimated at sar 14 billion for the year 2016 nonoil revenues are. There is no doubt that the government of saudi arabia is moving forward, driven by its ambitious vision to diversify the. Saudi arabia recorded a government budget deficit equal to 9. Another set of reports and financial statistics is available that benefits specialists, researchers and those interested in learning about the budget. The budget archive provides details on the general federal budget drafts as they were announced, in addition to detailed reports on revenue and expenses of every annual budget as of 2008. Ncb 2016 saudi budget report national commercial bank.
A breakdown of the 2016 saudi budget and its implications. Saudi arabia september 2016 calendar with holidays. Saudi arabia plans to increase spending in 2017 to stimulate economic growth after austerity measures helped shrink its deficit this year, the kingdoms ministry of finance said as it unveiled. The contribution of nonoil revenue to total revenue for saudi arabia has increased to 32 per cent in 2018 from 12 per cent in 2014. Saudi arabia, in its 2016 budget unveiled on monday, signaled spending cuts as the kingdom attempts to cope with a new era of low crude oil prices. Saudi quarterly government budget q1 2017 document. Even so, the country is expected to reach a budget deficit of 12.
With budget 2016, the government seeks to restore the confidence that has been missing for too. Vat and additional taxes on tobacco saudi arabia recent. In 2016, actual government expenditures are expected to record their first backtoback decline since 1999, falling by 15. Government ministries were instructed to cut spending on contracts by 5% in 2016, but by mid2017 it seemed that saudi arabia was heading towards. The deficit for 2016 stands at sr 297 billion, around 9 percent lower than forecast, and far below the high of sr 366 billion seen in 2015, in the immediate fallout of the oil price crash. The governments budget for the 2016 fiscal year 31 december 2015 to 30 december 2016 was endorsed by the council of ministers on 28th december. In the good days saudi arabia built a war chest in order to deploy it in times. Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. At the time the presidents 2016 budget request was developed, the 2015 department. It points to a sustained commitment in maintaining a high level of spending despite the continued environment of lower oil prices figure 1. The higher than budgeted deficit was due to actual spending being higher than forecasted, at sr926 billion, compared to budgeted total of sr890 billion. Saudi arabia recorded a government budget deficit of 5704 sar million in 2018. Dec 19, 2017 government ministries were instructed to cut spending on contracts by 5% in 2016, but by mid2017 it seemed that saudi arabia was heading towards a recession. The economy grew at a modest pace in 201415, with real gdp.
Saudi quarterly government budget q1 2017, is an economic publication that is issued by ministry of finance, containing quarterly and annual data. Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46. Welcome to kpmg saudi arabias first ever budget report for the kingdom of saudi arabia ksa. The kingdom of saudi arabia announces and approves its 2018. The fy 2016 budget request builds on priorities set forth in d s fy 2015 presidents budget, proposing strategic new investments and identifying targeted reductions that will allow cdc to advance its core public health mission.
Fy 2016 operating plan dollars in thousands budget activitydescription. Actual expenditure will overrun the budget, yet, will record an annual decline due to fiscal consolidation. Spending focused on defense, education and social services the biggest chunk of the 2016 budget is allocated to military and security services, which accounts for just over onequarter of total spending. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Budget report of saudi arabia 2014 linkedin slideshare. The imf noted that saudi inflation has grown to more than 4 percent because of an increase in energy and water prices. Both oil and nonoil revenues were higher than we had expected at. Both oil and nonoil revenues were higher than we had expected at sar 440bn and sar 256bn respectively. Nonoil revenue projected for 2017 is expected to be 17. Calendars online and print friendly for any year and month.
Riyadh plans to increase spending to 890 billion riyals from the 840 billion originally. The government has been forced to slash spending, cut subsidies and tap international debt markets as it. The recently announced 2015 budget sent an important message about the countrys ability to withstand large oil price shocks and to smooth out any second round effects on its nonoil economy that could hurt confidence and investments. The national budget for 14351436 2014 the followings are the main highlights of the budget. A number of fiscal indicators were revised in the period from 2019 to 2022. The official saudi estimates for the 2017 budget put the deficit at sar 230bn or 9. Saudi arabia unveiled on monday its general budget for the fiscal year 2016 with total revenues estimated at sr5. The actual deficit was also slightly above the budgeted deficit level, but still resulted in almost halving the record budget deficit seen in 2016, at sr416 billion. This page provides saudi arabia government budget value actual values, historical data, forecast, chart, statistics. Expanding the role of the private sector in saudi arabias.
Consequently, we forecast a budget deficit of sar 252bn in 2016 9. Dec 28, 2015 sparked by plunging oil prices, the 2016 budget marks biggest shakeup in years and includes politically sensitive reforms reuters mon 28 dec 2015 11. As part of achieving the goals of the national transformation plan ntp and vision 2030, total expenditure in the 2017 budget stands at usd 237b 33. Saudi arabia cuts spending, raises domestic fuel prices wsj.
Saudi arabia released a more tightfisted budget for 2016, reflecting scaledback revenue expectations and lower spending on subsidies because of sinking oil. The budget statement correctly points out that this is a very low level of indebtedness for a government. Saudi quarterly government budget q1 2017 document library. Riyadh plans to increase spending to 890 billion riyals from the 840 billion originally projected for 2016. Government, fiscal year 2016 provides data on budget receipts. Jan 31, 2016 saudi arabia struggles to cope with cheap oil. Financial statement online pdf estimates statement online pdf budget 2016 leaflet buisead 2016 bileog summary of budget 2016 taxation. Saudi arabia reveals largest budget to date the national. The economy has been struggling since the collapse in oil prices in 2014. Sparked by plunging oil prices, the 2016 budget marks biggest shakeup in years and includes politically sensitive reforms reuters mon 28 dec. Saudis cut huge budget deficit, to loosen purse strings in.
Saudi arabia government budget value 19692018 data 2019. The economy grew at a modest pace in 201415, with real gdp growth at 3. Saudi arabia government budget 19692018 data 20192020. Sudans parliament passed its 2016 budget on monday and projected a budget deficit of 1. Rental enquiries please use this number for enquiries before reserving your hire vehicle. Monthly calendar for the month september in year 2016. Jan 04, 2016 consequently, we forecast a budget deficit of sar 252bn in 2016 9. Household expenses per month in saudi arabia 20 statista. More spending cuts expected published december 22nd, 2016 07. We are pleased to present our analysis on the budget statement for the fiscal year 2019, announced on tuesday, 18 december 2018. The kingdom of saudi arabia announces and approves its 2018 annual budget december 19, 2017 today, the custodian of the two holy mosques, king salman al saud announced the approval of the kingdom of saudi arabias annual budget for 2018, which is the largest the country has seen. New leadership two men who will wield considerable influence in making decisions about government expenditure and education policy were appointed in december 2015, shortly before the budget for 2016 was.
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