Saudi Gazette report

RIYADH — Saudi Arabia recorded SR102 billion surplus in its 2022 budget, and this figure is SR12 billion higher than the estimated surplus of SR90 billion for the current year. This was revealed in the general budget announced by Saudi Arabia on Wednesday.

The Kingdom earned SR1234 billion in revenues while spending amounted to SR1132 billion in 2022, and this is the first-ever surplus budget since 2013. The SR102 billion surplus in 2022 constituted 2.6 percent of the gross domestic product (GDP).

The general budget for the fiscal year 2023 posted a surplus of SR16 billion, with total revenues estimated at SR1130 billion while expenditures budgeted at SR1114 billion.

According to the budget estimates, the Saudi economy is projected to record 3.1 percent growth in 2023. The Kingdom’s inflation, which recorded 2.6 percent in the current year, is expected to fall to 2.1 percent in 2023. The Saudi public debt recorded a fall of 24.9 percent from GDP by the end of 2022.