RIYADH: Saudi Arabia’s government ran a budget deficit of SR367 billion ($97.9 billion) in 2015 because of low oil prices, the Council of Economic and Development Affairs said.
The deficit is “considered an acceptable figure” under the circumstances, with oil languishing at multi-year lows, Hindi bin Abdullah Al-Suhaimi, an adviser to the council, told a media briefing.
State spending in 2015 totalled SR975 billion, more than the SR860 billion originally planned because of extra outlays such as a salary bonus for public employees, Al-Suhaimi said.
Revenues this year totalled SR608 billion, less than the original target of SR715 billion.
Officials are due to announce Saudi Arabia’s 2016 budget plan later in the afternoon.
Saudi Arabia posts SR367 billion budget deficit for 2015
Saudi Arabia posts SR367 billion budget deficit for 2015
