Key Figures in Saudi Arabia's 2018 Budget, 2017 Fiscal Data

(Bloomberg) -- Below are the key figures from Saudi Arabia's 2018 budget, the second issued since it embarked on a long-term plan to reduce the kingdom's dependence on oil. Numbers from the Ministry of Finance and state-run media.

Budget Deficit:

• 2018: deficit seen at 195 billion riyals ($52 billion), or 7.3 percent of gross domestic product
• 2017: deficit was 230 billion riyals, or 8.9 percent of GDP
  • Planned deficit in 2017 budget was 198 billion riyals
  • 2016 budget deficit was 12.8 percent of GDP
• Delays target to balance budget to 2023 from as early as 2019

Spending

• 2018: Spending to grow to 978 billion riyals; total is 1.1 trillion riyals when including 83 billion riyals from sovereign wealth fund and 50 billion riyals from national development funds
• 2017: rose 11.5 percent to 926 billion riyals
• Capital spending to increase by 13.6 percent to 205 billion riyals
• Projected spending of 32 billion riyals on cash transfer program in 2018
• 210 billion riyals earmarked for military spending, from 224 billion riyals in 2017
• Spending on education budgeted to drop to 192 billion riyals from 228 billion riyals
• Spending on healthcare to rise to 147 billion riyals from 133 billion riyals

Revenue

• Oil revenue to rise to 492 billion riyals compared with 440 billion riyals this year
• Non-oil revenue seen at 291 billion riyals in 2018, up from 256 billion riyals
• Total revenue to rise 12.6 percent to 783 billion riyals in 2018
• Tax revenue budgeted at 142 billion riyals in 2018, compared with 97 billion riyals expected in 2017, and 82 billion riyals in 2016
• Other revenue, including oil, budgeted at 641 billion riyals in 2018, from 599 billion riyals in 2017 and 437 billion riyals in 2016
• Value-added-tax expected to generate 23 billion riyals in 2018; expatriate tax to generate 28 billion riyals

GDP

• 2017: overall economy contracted 0.5 percent; oil GDP shrank 4.3 percent, non-oil GDP rose 1.5 percent
• 2018: Economy to grow 2.7 percent; non-oil economy to expand 3.7 percent

Funding and Debt

• 2018: Public debt budgeted at 555 billion riyals, or 21 percent of GDP
  • 2018 debt issuance target is 117 billion riyals, from 134 billion riyals in 2017
• 2017: Debt stood at 438 billion riyals, or 17 percent of GDP
• 2018 budget to be funded by:
  • 50 percent from oil revenue
  • 30 percent from non-oil revenue
  • 12 percent from debt
  • 8 percent from government balances

  Inflation

  • 2018 inflation seen at 5.7 percent

  To contact the reporter on this story: Ahmed Feteha in Cairo at afeteha@bloomberg.net.

  To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Stuart Biggs, Mark Williams

  ©2017 Bloomberg L.P.

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