Saudi 2019 budget boosts spending in bid to spur sluggish economy

RIYADH: Saudi Arabia plans to increase state spending by more than seven 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.