Saudi Arabia on Thursday projected its GDP growth at 2.3 percent in the fiscal year 2020, the Saudi Press Agency reported.

In a pre-budget statement on the fiscal year 2020, Saudi Finance Ministry estimated that the expenditure in 2020 will reach 1,020 billion Saudi riyals (about 272 billion U.S. dollars), while the revenues will reach about 833 billion Saudi riyals.

The budget deficit is estimated at about 6.5 percent of GDP, according to the statement.

The pre-budget statement aimed at providing citizens and analysts with information about the public finance performance during 2019, as well as main fiscal objectives and economic estimates for 2020.

It stated that the real GDP grew by about 1.1 percent during the first half of 2019, mainly attributed to the growth of the non-oil sector.

The statement also included key initiatives and programs that will be implemented during the coming fiscal year within the framework of Saudi Vision 2030.

Saudi Finance Minister Mohammed Al-Jadaan stressed that the 2020 budget will continue the implementation of programs and initiatives aimed at strengthening the private sector’s role as the main driver of economic growth and job creation. Enditem

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