Saudi Arabia has announced a 2015 budget with a huge US$38.6 bln deficit due to the sharp decline in oil prices but still raised spending. The price of oil, which makes up over 90% of public income in Saudi Arabia, has lost about half of its value since June due to a production glut, weak global demand and a stronger US dollar.
Spending for 2015 is projected at SR 860 bln (US$229.3 bln) and revenues at SR 715 bln (US$190.7 bln). Projected spending is slightly higher than the SR 855 bln planned for this year, but revenues are SR 140 bln lower than estimates for 2014. The budget shortfall is the first deficit projected by Saudi Arabia since 2011 and the largest ever for the kingdom, as per economictimes.com.
26-Dec-14 
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