The Saudi Ministry of Finance estimated that the total budget surplus for fiscal year 2023 was about 9 billion riyals, which is 0.2% of gross domestic product.
In preliminary approval of the state’s general budget for the next fiscal year 2023, the ministry expected total expenditures to be about 1.114 billion rials and total revenues to be about 1.123 billion rials.
Saudi Finance Minister Muhammad Al-Jadaan said the Saudi economy’s positive outlook for next year is linked to positive real performance in the first half of this year, indicating that preliminary estimates point to 3.1% real GDP growth.
He said real GDP in Saudi Arabia was supported by growth in non-oil domestic product, with the private sector continuing to lead economic growth and contribute to job creation in the labor market, in addition to the Kingdom’s improved trade balance and positive growth in economic activity.
Source: Was