KSA GIVES A GLIMPSE OF THE 2023 BUDGET REVENUE: A SR 9 BILLION SURPLUS

The Ministry of Finance has revealed in its 2023 pre-budget statement that Saudi Arabia assessed public revenue in the 2023 budget at SR1,123 trillion and expenditures at SR1,114 trillion, with an expected surplus of SR 9 billion.

About 0.2% of the overall GDP is represented by the estimated surpluses. The ministry stated that it will continue to work to improve expenditure and fiscal control, as well as to continue strengthening the Kingdom’s fiscal position, implement economic and fiscal reforms, and achieve the goals of Vision 2030, its programs, initiatives, and major projects. Additionally, the ministry intends to encourage the growth of local investment by forming partnerships with the private sector and qualifying it to include all regions of the Kingdom.

The pre-budget report for 2023 reflects a progressive drive by implementing programs and projects that support economic growth and diversification, improving public services, and enhancing programs for welfare and social protection systems. It characterizes consistent expansion in majority economic activities and this growth is anticipated to last for the foreseeable future.


According to the pre-budget announcement, the ministry anticipates that total income would be recorded at SR1,123 billion in 2023 and would rise to SR1,205 billion in 2025, while total expenditures would be about SR1,114 billion in 2023 and would rise to SR1,134 billion in 2025.

In accordance with fiscal sustainability, the ministry also claims that the surplus amount will be used to boost government reserves and support national funds, with the possibility of accelerating the implementation of a few strategic lineups and plans with economic and communal elements.

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