On Wednesday, the Saudi Ministry of Finance released the kingdom’s budget estimate for 2023, which includes an expected surplus of 9 billion riyals ($2.39 billion).
And she said Ministry in Preliminary Budget StatementNext year, revenues are expected to be 1.123 trillion rials ($298.6 billion) and expenditures to 1.114 trillion rials ($296.2 billion).
In a statement, the Ministry of Finance said it expects the surplus to widen to 21 billion rials ($5.58 billion) in 2024 and to 71 billion rials ($18.8 billion) in 2025.
The Kingdom’s real GDP is expected to grow by 3.1 percent next year, according to a preliminary statement from the Ministry of Finance.
And the Saudi Ministry of Finance has released expected figures for the Kingdom’s budget for 2022, as the ministry expects the Kingdom’s revenue this year to be around 1.222 trillion rials ($324.9 billion), compared to the estimate when the budget was set at 1.045 trillion rials ($277. 9 billion).
While the ministry’s spending expectations were also higher than initial estimates at 1.132 trillion rials ($301 billion), compared to initial spending estimates of 955 billion rials ($253.9 billion).
The Finance Ministry also expects the current year’s budget to reach a fiscal surplus of 90 billion rials ($23.9 billion), about 2.3 percent of gross domestic product, supported by an increase in oil revenues.
Saudi Arabia’s budget recorded a surplus of about 14.14 billion rials in the third quarter of 2022 after registering revenues of about 301.87 billion rials compared to expenditures of about 287.73 billion rials.
From the beginning of this year until the end of the third quarter, the Saudi budget recorded revenues of about 950.19 billion riyals, compared to expenditures of about 800.65 billion rials, and a surplus of about 149.54 billion rials.
According to the preliminary budget approval, total revenues for 2025 are expected to be about 1.205 trillion rials, and expenditures are expected to be about 1.134 trillion rials.
The Saudi Council of Ministers will meet today to approve the state’s general budget for the new fiscal year 1444-1445 AH (2023).
Source: Saudi Arabian media.
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