Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), 12 billion riyals ($3 billion) higher than predicted figures, according to reports.
King Salman on Wednesday chaired a Cabinet session announcing the state’s general budget for the next fiscal year. He approved a 1.114 trillion riyal budget for 2023 (roughly $300 billion), expecting revenues of 1.13 trillion riyals next year.
For 2022, total revenues are forecast at SR1.234 trillion for 2022 ($328.15), while spending is SR1.132 trillion ($301.03 billion), meaning a surplus of 2.6 percent of GDP — 0.1 percentage point higher than previously forecast.
The Kingdom’s GDP is also set to exceed expectations — registering growth of 8.5 percent compared with the 7.5 percent estimated in December 2021 and the 8 percent forecast in pre-Budget statement published at the end of September.
Saudi Arabia forecasts GDP growth slowing to 3.1 percent in 2023.
According to Arab News, later on Wednesday, the Saudi cabinet approved the budget in a meeting that was chaired by King Salman at Al-Yamamah Palace in Riyadh, the Saudi Press Agency reported.
“We announced the general budget of the state for the next year, asking God Almighty to perpetuate the blessing of security and prosperity,” the king said.
