Saudi Arabia posts SR367 billion budget deficit for 2015

RIYADH: Saudi Arabia’s government ran a budget deficit of SR367 billion ($97.9 billion) in 2015 because of low oil prices, the Council of Economic and Development Affairs said.
The deficit is “considered an acceptable figure” under the circumstances, with oil languishing at multi-year lows, Hindi bin Abdullah Al-Suhaimi, an adviser to the council, told a media briefing.
State spending in 2015 totalled SR975 billion, more than the SR860 billion originally planned because of extra outlays such as a salary bonus for public employees, Al-Suhaimi said.
Revenues this year totalled SR608 billion, less than the original target of SR715 billion.
Officials are due to announce Saudi Arabia’s 2016 budget plan later in the afternoon.