On December 15, Saudi Arabia released its 2020 macroeconomic performance and its 2021 budget. The kingdom is making progress in raising the share of non-oil revenue as part of its Vision 2030 objectives.
The 2021 budget forecasts are in line with those released by the Ministry of Finance in October. The budget highlights Saudi Arabia’s commitment to maintaining fiscal discipline.
Of significance are the capital expenditure cuts next year. This adds new impetus to greater private sector involvement.
We analyse expected changes in the Saudi budget, taking into account the kingdom’s Vision 2030 and immediate priorities.