The Relationship between Public Expenditure and Economic Development Indicators in the Kingdom of Saudi Arabia
DOI:
https://doi.org/10.35696/arts.v12i4.2237Keywords:
Economic development, public expenditure, financial expenditures, private sector, public sectorAbstract
This study aimed to examine the relationship between public expenditure and certain economic development indicators, specifically the economic complexity index for the economic diversification variable, the non-oil revenue ratio for the diversification of income sources or public revenue variable, and the private sector's GDP for the private sector's contribution to GDP variable in the Kingdom of Saudi Arabia in the period from 1995 to 2021. Using standard multiple linear regression analysis based on ordinary least squares method, the study findings revealed a statistically significant positive correlation of 66% between public expenditure and economic development. The study found a strong impact of public expenditure on the non-oil revenue ratio and economic complexity index, while showing a moderate impact on the private sector's GDP ratio. Furthermore, there was an inverse relationship between current public spending and all economic development variables used in the study, contrasting with a negative relationship between capital public expenditure and the same economic development variables.
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