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Saudi Arabia Budget 2017 – 2020 Summary

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The Saudi Arabia budget for 2017 is SAR 890 billion which is 6% higher than last year original spending. King Salman has signed off the busger in hope that this budget will bring more success in the economy of Saudi Arabia in coming years.

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How was economy of Saudi Arabia in 2016:

  • Deficit is SR198 billion (33% less than 2016)
  • Government revenues totaled SAR 528 bln in 2016, slightly higher than the 514 billion originally projected
  • 2016 actual spending was SR825 billion
  • Revenue expected to reach SR 692 billion
  • GDP grew by 1.4% in 2016 to SR2.6 trillion
  • 2016 actual spending was SR15 billion less than the projected SR840 billion
  • 2016 budget spending dropped 1.8%, revenue increased 3% than estimated
  • KSA imports in the last 10 years amounted to SR5 trillion
  • Revenue expected to reach SAR 692 billion, up 31pc from 2016 revenue planned budget for next year
  • Saudi economy has grown to be among the top 20 economies in the world
  • Saudi Arabia doubled its non-oil revenues to SR200 billion over the past 4 years
  • Budget marked new standards to increase transparency.

Oil and non-oil revenue from 2012 to 2016

Allocation of money in Saudi Arabia Budger 2017:

  • SR120 billion allocated for health and social development sectors
  • SR200 billion allocated for education & higher education
  • SR55 billion allocated for municipal services
  • SR191 billion allocated for military sector
  • SR27 billion for public administration sector
  • SR42 billion allocated for National Transformation Program 2020
  • SR97 billion allocated for security sector and administrative zones.

Good News For Saudi citizens, expats and companies:

  • No taxes will be imposed on citizens, expats or companies
  • The government will pay private sector dues within 60 days
  • Cash subsidy will be given to low and middle income families
  • From February, registrations will begin for the “Unified Citizen Account”
  • Distributing monthly financial support begins first of June while working upon the new prices will begin first of July
  • From now till 2020, there’ll be no financial burdens except what is mentioned in the financial balance prog
  • Introduction of a SR100/month fee on every expat dependent with a yearly SR100 increment until 2020
  • Kingdom reduces deficit to SR 297bn
  • 2017 projected deficit expect to be 8% of GDP
  • From 2017 to 2020 energy prices will be gradually linked to international prices.

National Transformation Program 2020 Saudi Arabia