Saudi Arabia expects to achieve a $27.2bn budget surplus for 2022, the Ministry of Finance announced on 7 December (see table). This surplus, the first in nine years, is larger than the $24bn figure forecast by the government in late September (MEES, 7 October).
The updated estimate was provided during the launch of the kingdom’s 2023 budget, which was approved by the cabinet on 7 December. The 2023 plans are broadly in line with the pre-budget statement released on 30 September, with the key differences being slightly upgraded revenue and surplus projections. The government now expects a $4.3bn surplus in 2023 (see chart 1), up from the $2.4bn figure in the pre-budget statement. (CONTINUED - 565 WORDS)