The Saudi government expects a 2022 revenue of $240.8 billion, with the Kingdom’s budget deficit forecast to fall to $13.9 billion, Al Arabiya reported.
Saudi Arabia’s finance ministry expects the economy to grow by 7.5 percent in 2022.
This year’s budget deficit is approximately $22.6 billion, less than the predicted $37.6 billion.
By 2023, the government expects the deficit to be eliminated and turn into a surplus of $7.2 billion, rising to $11.2 billion the following year.
The kingdom forecasts total spending of around $255 billion next year, down from an estimated total expenditure of around 1 trillion riyals this year, it said.
US, Saudi Arabia, UAE, UK voice concern over Yemen economy“The Quad nations noted with concern the depreciation of the riyal, corresponding rise in food prices, and severe impact on Yemen’s economy and humanitarian situation,” the statement read. Gulf
Gulf rebound seen as Saudi Arabia, UAE to top 4pct growth in 2022: Reuters surveyThe six economies in the Gulf Cooperation Council (GCC) are set to rebound and grow 2 percent to nearly 3 percent this year while the region’s two ... Economy
Saudi economy grows of 1.5 pct in second quarter 2021, shows recovery from pandemicSaudi Arabia’s GDP recorded a positive growth rate of 1.5 percent for the first time since the start of COVID-19 pandemic in the second quarter of ... Economy