The economic and financial prospects of the Kingdom along with its prominent developments are presented in each fiscal year through announcing the annual budget estimates and projections, including revenues, expenditures, gross domestic product (GDP), and comparing the deficit and surplus. The Ministry of Finance sets the policies for the Kingdom’s budget with complete transparency within the international standards, announcing its challenges for the upcoming years and keeping pace with the economic changes in raising the GDP and reducing the Kingdom’s dependence on oil products.
The Kingdom of Saudi Arabia’s Budget Statement
The Ministry of Finance presents the Kingdom’s annual budget and prepares the quarterly reports, the citizens reports, the performance reports, etc, which reinforces transparency and allows everyone to read the budget’s data. Moreover, the Government make the Government Performance Indicators available as well as the Budget of each ministry on its website.
The Kingdom has oil and non oil revenues, in addition to Zakat and taxes.
The Kingdom spends its budget on Operating Expenses, such as employees compensations, stimulating the private sector, Vision 2030 programs, and social benefits along with the capital expenditure for development and economic growth.