RIYADH, Sept. 23 (Xinhua) -- Saudi Arabia expects a reduction in its 2021 state budget deficit compared with the previous years, the Saudi Press Agency reported on Thursday.
The Minister of Finance Mohammed Al-Jadaan said that the deficit reduced from 15.8 percent in 2015 to 4.5 percent in 2019 and the percentage is expected to drop further this year.
Saudi Arabia approved the state budget of 2021 in last December with 990 billion Saudi Riyals (264 billion U.S. dollars) expenditures, 849 billion Riyals revenues and an expected deficit of 141 billion Riyals.
He attributed the reduction to the launch of the economic vision 2030 in 2016 and the recovery of COVID-19 economic impacts.
He said that the deficit reduction is a result of initiatives to promote non-oil revenues that increased from 166 billion Riyals in 2015 to 369 billion Riyals in 2020.
The minister noted that the non-oil economy growth increased by 5.4 percent in the first half of 2021 due to the increase in private investments and the activities of various production and services businesses.