Tax & Spend
Saudi Arabia Cuts GDP Forecasts, Sees Deeper Budget Deficits
- Kingdom now sees local economy growing just 0.8% this year
- Lower oil prices are hampering ability to invest in projects
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Saudi Arabia slashed its economic growth forecasts and projected deeper budget deficits than previously estimated as the cost of efforts to overhaul the kingdom’s economy outpace revenue.
Economic output is now seen growing at 0.8% this year, down from a prior forecast of 4.4%, according to fresh estimates in a report from the Finance Ministry on Monday. Projections for 2025-2026 were also significantly scaled back.