Economics

Saudi Arabia Plans to Increase Spending to Boost Growth

Government to increase 2019 spending beyond initial forecast
Economic growth seen below 2.5% over the next 3 years

Bloomberg’s Alaa Shahine reports on Saudi Arabia’s plan to boost spending higher than initially forecast.(Source: Bloomberg)

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By Vivian Nereim, Sarah Algethami, Glen Carey, and Zainab Fattah

September 30, 2018 at 10:04 AM UTC

Updated on

October 1, 2018 at 4:33 AM UTC

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Saudi Arabia plans to increase spending next year more than initially forecast as authorities take advantage of higher oil prices to spur economic growth and reduce unemployment.

Public spending is expected to reach 1.106 trillion riyals ($295 billion) in 2019, 100 billion riyals more than the government had projected last year, Finance Minister Mohammed Al-Jadaan said on Sunday. Authorities expect spending to rise to 1.170 trillion riyals by 2021, he said, citing initial estimates.