Saudi Arabia announced on Sunday approving its budget for the fiscal year 2022, with a surplus for the first time in nearly a decade.
Here’s a breakdown of the budget in numbers:
2021: 1.015 trillion riyals
2022: 955 billion riyals
2021: 930 billion riyals
2022: 1.045 trillion riyals
Deficit or Surplus:
Budget deficit in 2021: 85 billion riyals
Budget surplus in 2022: 90 billion riyals
Estimates of Real gross domestic product (GDP) for the medium term:
2021: 2.9 percent
2022: 7.4 percent
2023: 3.5 percent
2024: 4.0 percent
Sector allocations for budget expenditures in 2022:
Basic equipment and transportation: 42 billion riyals
General items sector: 182 billion riyals
Security and administrative regions sector: 101 billion riyals
Military: 171 billion riyals
General administration sector: 32 billion riyals
Economic resources sector: 54 billion riyals
Health and social development sector: 138 billion riyals
Municipal services sector: 50 billion riyals
Education sector: 185 billion riyals
Injections into the economy:
Saudi Arabia’s government plans to inject more than 27 trillion riyals into the economy until 2030.
Ten trillion riyals will go to government spending through the budget over the next 10 years.
Investments exceeding 17 trillion riyals will be divided into: 3 trillion to the Public Investment Fund (PIF), 4 to local and international companies, 5 to the Shareek program, and another 5 to private consumption
The national investment strategy plans to increase foreign direct investment flows to 399 billion riayls year-on-year by 2030 and increase local investments to approximately 1.7 trillion riyals year-on-year by 2030.