Saudi Press

Saudi Arabia and the world
Monday, Jun 23, 2025

Saudi Arabia expects to post lower deficit in 2021: Al-Jadaan

Saudi Arabia expects to post lower deficit in 2021: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia is expected to post lower deficit in 2021, after containing the financial and economic repercussions of the COVID-19 pandemic, Saudi Press Agency reported on Thursday.
This will be backed by several initiatives to increase non-oil revenue, which rose from SR166 billion in 2015 to SR369 billion in 2020, Al-Jadaan said.

The minister said that Saudi Arabia has saved SR500 billion over the last four years until mid-2021, backed by its spending efficiency efforts.

Since the launch of Vision 2030, the state’s public deficit was reduced from 15.8 percent in 2015 to 4.5 percent in 2019.

Moreover, the Saudi government focused on enhancing financial planning, as the annual variance of the actual performance of expenditure came below its forecasts, down from an average of 16 percent in the period from 2014 to 2016, to 4 percent in the period from 2017 to 2019.

Additionally, the Kingdom reported a significant leap in the digital transformation of the financial sector, which in turn, contributed to improving the efficiency and speed of financial services, Al-Jadaan added.

Saudi Arabia continued digitizing payments, recording 36 percent growth in e-transactions out of the total payments in 2019, exceeding the 28 percent target of the Financial Sector Development Program (FSDP) in 2020.

“The Saudi leaders’ efforts contributed to a gradual recovery of the Kingdom’s economy during the last exceptional period, which witnessed a lot of concerted efforts and solid programs to address the pandemic.”

“We have the right to be proud of Saudi Arabia’s solid economy and its ability to overcome the COVID-19 fallout with high flexibility,” Al-Jadaan said.

Saudi Arabia reported significant economic improvement. Non-oil economy grew from 0.2 percent in 2016 to 3.3 percent in 2019, reaching 5.4 percent in H1 2021, driven by a rise in private investments, better productivity and services.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
×