RIYADH — Saudi Finance Minister Mohammed Al-Jadaan said that the Saudi economy is going through a distinctive phase in accordance with realizing the goals of the Kingdom’s Vision 2023. In his speech at a press conference to announce the indices of the budget in Riyadh on Wednesday, the minister revealed that capital spending for this year will exceed SR200 billion.

Al-Jadaan said that the focus of Vision 2030 on the non-oil economy has begun to achieve tangible results. He noted that oil price fluctuations that affected spending and the budget in the past have less impact now. “The expected growth of the Kingdom’s gross domestic product is 4.4 percent in 2024, up from 0.03 percent according to 2023 estimates,” he said.

The budget for 2024 projected total revenues amounting to SR1172 billion and expenditures that accounted for SR1251 billion. The budget session of the Council of Ministers, chaired by Custodian of the Two Holy Mosques King Salman, projected a deficit of SR79 billion.

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