Riyadh, Saudi Arabia— Saudi Arabia expects its budget surplus in 2022 to touch $24 billion, the Ministry of Finance announced said.
The kingdom hopes the real GDP to grow by 8 percent, while the inflation in 2022 may record about 2.6 percent.
Saudi total revenues are expected to reach about $299 billion in 2023, while reaching about $323 billion in 2025, according to the Ministry of Finance’s preliminary statement of the state’s general budget for the year 2023.
Saudi Finance Minister, Mohammed Al-Jadaan, said the objectives of the state’s general budget for the fiscal year 2023 come as a continuation of the process of work to strengthen and develop the financial position of the Kingdom,
“The government attaches great importance to enhancing the support and social protection system and accelerating the pace of strategic spending on Vision programs and major projects to support economic growth,” he said.
He further said that the kingdom’s economy has demonstrated its strength and durability by achieving high growth rates, after taking many policies and measures with the aim of protecting the economy from the repercussions of inflation and supply chain challenges.