The Saudi Council of Ministers approved the general budget of the state for 2023 with a financial surplus of 16 billion riyals (4.3 billion dollars).
This came during a session of the Council under the chairmanship of King Salman bin Abdulaziz and in the presence of Prince Mohammed bin Salman, Crown Prince and Prime Minister.
The Council issued its decision on the general budget of the State for 2023, which includes a surplus of 16 billion riyals (4.3 billion dollars) after achieving revenues of 1130 billion riyals (301.3 billion dollars) against expenditure of 1114 billion riyals (297.1 billion dollars).
According to the resolution, the surplus of revenues from the general budget will be transferred to the general reserve account of the State.
Saudi Crown Prince Mohammed bin Salman, Prime Minister, stressed that the process of economic transformation adopted by the Saudi government is continuing, and that the positive results achieved so far confirm the success of economic and financial reforms aimed at promoting comprehensive economic growth and strengthening the country’s financial position in order to ensure financial sustainability towards a vibrant society, a prosperous economy and an ambitious homeland.
The Saudi Crown Prince explained that in the 2023 budget, the government aims to prioritize spending on capital projects according to regional and sectoral strategies aligned with the objectives of “Vision 2030” and national trends.
Saudi Finance Minister Mohammed Al-Jada ‘an said that Saudi budget achievements in 2022 were the result of continuous work in previous years, adding that “our overall expectations for the coming year remain conservative, and the proactive intervention of the government has enabled us to control inflation.”
During a press conference on the occasion of the announcement of the general budget for 2023, Al-Jada ‘an explained that all economic projections did not reach the level of growth of Saudi GDP, which in 2022 reached levels of 8.5%
According to Al-Jada ‘an, Saudi Arabia expects its nominal GDP in 2022 to exceed $1 trillion for the first time in the country’s history.
In 2022, Saudi Arabia recorded an inflation rate among the lowest in the world at 2.6 percent, and this came after the government took a set of measures to protect the economy from inflation, the most prominent of which was the stabilization of energy prices.
The Saudi Minister of Finance revealed that the national investment strategy aims to inject 12 trillion riyals ($3.2 trillion) into the economy until 2030.
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