(Bloomberg) -- Saudi Arabia has rewritten its budget forecast for next year, saying it expects a deficit instead of a surplus as it ramps up spending and tackles uncertainty in oil markets.Most Read from BloombergSenate Voting on Bill to Avert US Government ShutdownOnce Unthinkable Bond Yields Now the New Normal For MarketsCongress Averts US Government Shutdown Hours Before DeadlineEurope’s Richest Royal Family Builds $300 Billion Finance EmpireWeight-Loss Drugs Estimated to Save Airlines Millio
The Finance Ministry also revised its previous forecast of surpluses every year until 2025, now expecting deficits until at least 2026, according to a preliminary budget statement published Saturday.
Under Crown Prince Mohammed bin Salman, the country’s de facto ruler, Saudi Arabia is pushing to diversify its oil-dependent economy, building up new domestic industries including electric car-making, tourism and logistics. But the plans are hugely expensive, putting strain on government finances. The government is expecting revenue next year to be 1.18 trillion riyals, a slight decrease from this year based on what it called “conservative estimates of oil and non-oil revenue.” That could be a reflection of continued uncertainty over oil demand, with fears of a recession continuing to haunt the US and disappointing economic data from China.That will leave the kingdom facing a deficit in 2024 of 79 billion riyals, equal to about 1.9% of economic output.
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