Saudi Arabia: Riyadh to slash spending in response to lower oil revenues
Issue 1092
- 18 Nov 2019
| 2 minute read
The government is cutting spending by SR569bn ($151.7bn) between now and 2022, but Riyadh will still struggle to hit its goal of a balanced budget by 2023; this is due to sharp falls in expected oil revenues, according to analysts.The sharp cut in spending was first outlined in finance minister Mohammed Al-Jadaan’s 31 October pre-budget statement. This painted a distinctly mixed picture: output grew by 1.1% in H1 2019 – when the non-oil economy grew by 2.5% – but Jadaan predicted a slowdown in H2 19.
Don't have an account?
Register for access to our free content
An account also allows you to view selected free articles and set up news alerts.
Register