Categories: Business

Budget 2023: Saudi Arabia exceeds surplus estimate and revises up GDP forecast


Wed, 2022-12-07 18:58

RIYADH: Saudi Arabia has recorded a larger-then-expected budget surplus for 2022 of SR102 billion ($27.13 billion) — SR12 billion higher than previously forecast.

The surplus comes as the Kingdom’s gross domestic product is also set to exceed expectations — registering growth of 8.5 percent compared with the 7.5 percent estimated in December 2021 and the 8 percent forecast in pre-Budget statement published at the end of September.

GDP growth is forecast to slow to 3.1 percent in 2023.

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