Saudi government expects budget deficit to shift to surplus in 2023

The Saudi government expects a 2022 revenue of $240.8 billion, with the Kingdom’s budget deficit forecast to fall to $13.9 billion, Al Arabiya reported.

Saudi Arabia’s finance ministry expects the economy to grow by 7.5 percent in 2022.

This year’s budget deficit is approximately $22.6 billion, less than the predicted $37.6 billion.

By 2023, the government expects the deficit to be eliminated and turn into a surplus of $7.2 billion, rising to $11.2 billion the following year.

The kingdom forecasts total spending of around $255 billion next year, down from an estimated total expenditure of around 1 trillion riyals this year, it said.

With Reuters