.
.
.
.

Saudi government expects budget deficit to shift to surplus in 2023

Published: Updated:

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.

For the latest headlines, follow our Google News channel online or via the app.

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.

With Reuters

Read more:

US, Saudi Arabia, UAE, UK voice concern over Yemen economy

Gulf rebound seen as Saudi Arabia, UAE to top 4pct growth in 2022: Reuters survey

Saudi economy grows of 1.5 pct in second quarter 2021, shows recovery from pandemic