Saudi 2019 budget boosts spending in bid to spur sluggish economy

RIYADH (Reuters) – Saudi Arabia plans to increase state spending by more than 7 percent next year in an effort to spur economic growth, which has been hurt by low oil prices, according to a 2019 budget released by the finance ministry on Tuesday.

Spending is projected to rise to 1.106 trillion riyals ($295 billion) next year, up from an actual 1.030 trillion riyals this year, Saudi state television quoted the budget as saying.

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