Saudi Arabia cuts 2016 budget deficit, to boost 2017 spending

Riyadh

SAUDI Arabia said on Thursday it had successfully cut into its huge state budget deficit this year and will increase government spending in 2017 to boost flagging economic growth.

The deficit shrank to 297 billion riyals (S$114.7 billion) in 2016. That was well below a record 367 billion riyal gap in 2015, and below the government's projection in its original 2016 budget plan of a deficit of 326 billion riyals.