Saudi Arabia achieves its first fiscal surplus since 2013

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Saudi Arabia this year achieved its first fiscal surplus since 2013, Al Arabiya reported on Wednesday.

The Kingdom forecasts an economic growth by 3.1 percent in 2023, Al Arabiya added.

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It also said that total spending will reach SAR 1.114 ($300 billion) trillion in 2023, down from SAR 1.132 trillion ($301 billion) in 2022, adding that public debt will decline by 3.5 percent in 2023 to SAR 951 billion ($253 billion).

Saudi Arabia said on Thursday it expects debt issuance in the fourth quarter of this year at about 22 billion riyals ($5.85 billion), out of an expected roughly 115 billion riyals debt issuance for the full year.

Non-oil GDP growth is expected at 5.9 percent this year, the world’s top oil exporter said in a budget statement.

Saudi government reserves at the Saudi Central Bank are expected at about 399 billion riyals at the end of next year, the statement said.

Read more: Chinese President Xi arrives in Saudi Arabia’s Riyadh on three-day visit

With Reuters

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